Nunn

I. BACKGROUND

A. The Loan at Issue and the Nunns’ Default In April 2008, Brent Nunn was enrolled as an art student and took out a private student loan, co-signed by his mother, from Bank of America, N.A. (Bank of America) for $30,000. The loan required the Nunns to make 240 monthly payments of $481.55. An associated credit agreement required Bank of America to send monthly statements showing “the Monthly Payment Amount and the monthly due dates.” The agreement also contained an acceleration clause granting the bank the option, if the Nunns failed to make a payment, to accelerate repayment of the loan by providing “notice that the whole outstanding principal balance, accrued interest, and all other amounts payable . . . are due and payable at once.” Because of family financial problems, Brent Nunn dropped out of school in 2011, and while his father made several monthly payments, the last payment on the Nunns’ loan was in December 2011. On June 25, 2012, Bank of America charged off $45,063.23, consisting of $43,510.08 in principal and $1,553.15 in interest, on the loan.

2 B. Bank of America’s Efforts to Collect in Full In declarations, Brent Nunn and his mother averred that, after…