$5 Billion In Student Loans May Be Wiped Out Because Lender “Lost” Paperwork

The New York Times reports that five billion dollars in student loans may be wiped out for  thousands of borrowers in the U. S. because the lender didn’t keep track of the paperwork verifying ownership of the loans.  The National Collegiate Student Loan Trusts the lender at the center of this legal dispute – holds 800,000 private loans.  It is one of the largest owners of private student loans in the U. S.

Thousands of borrowers have defaulted on more than $5 billion of the $12 billion in private student loans held by National Collegiate Student Loans Trusts.  As a result, the organization has brought more than 800 lawsuits against borrowers this year alone in pursuit of repayment. Disorganized or missing paperwork has made it difficult for National Collegiate Student Loans Trusts to prove it does indeed own the defaulted loan it’s demanding repayment on.

Please read more here and here.

 

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