PHILADELPHIA – An alumnus of Drexel University is facing legal action after allegedly defaulting on the terms of the promissory note connected to educational expenses at the institution.
Drexel University of Philadelphia filed suit in the Philadelphia County Court of Common Pleas on Nov. 22 versus Daniel S. Collins, also of Philadelphia.
“At the special insistence and request of the defendant, while the defendant was enrolled at Drexel University, the defendant executed a promissory note, pursuant to which the defendant was advanced by the plaintiff the sum of $2,000.00 as a Federal Perkins Loan. The defendant has an unpaid principal balance of $2,000.00, accrued interest of $174.93, interest to the date of judgment and late charges of $15.00,” the suit says.
According to the terms of the note, in the event of default, the defendant agreed that the entire unpaid balance of indebtedness, inclusive of interest due and accrued, would immediately become payable.
“Pursuant to the terms of the promissory note, the defendant agreed to pay reasonable attorney fees for the collection of any amount not paid when due. The plaintiff has incurred expenses, including legal fees, as a result of having instituted this action and will be obliged to incur similar obligations in the future. Defendant has breached his contract with plaintiff by not paying said balance due,” the suit adds.
For breach of contract, the plaintiff is seeking damages of $2,189.93, plus attorney’s fees, interest from the date of judgment and anticipated court costs of $519.48.
The plaintiff is represented by J. Scott Watson in Glen Mills.
Philadelphia County Court of Common Pleas case 171102257
From the Pennsylvania Record: Reach Courts Reporter Nicholas Malfitano at nickpennrecord@gmail.com