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Missing Paperwork May Erase $5 Billion In Student Debt
20 July 2017, 12:51 | Ruby West
Private student loan debts are being erased because of incomplete and missing paperwork
According to a new report by the New York Times, thousands of student loan recipients may be off the hook when it comes to paying back their debts, thanks to some critical missing paperwork on the part of the lenders.
Are my loans owned by National Collegiate? . Over and over, she said, the company drops lawsuits - often on the eve of a trial or deposition - when borrowers contest them. The trust organization is facing trouble proving in court that it has the legal paperwork to prove ownership of its loans.
In an unusual situation, one of the financiers behind National Collegiate's trusts agrees with some of the criticism.
The Times found that judges in several states have thrown out lawsuits brought by National Collegiate Student Loan Trusts, an umbrella name for the multiple trusts that hold $12 billion in private student loan debt.
Document: National Collegiate's Audit of P.H.E.A.A. So, basically, this haphazard record-keeping means that if the trust attempts to go after a student or graduate who has defaulted on their loan, they might not be able to serve the call and, instead, have to write off the entire amount of the debt.
The 15 trusts have led a serious offensive to track down the borrowers who fall behind on their student loan payments. Because of those steep rates, the size of the loans can quickly balloon, leaving borrowers to pay hundreds and, in some cases, thousands of dollars each month. If you have enrolled in a for-profit college program, keep records of all of your interactions with the school and find out of you are eligible for Borrower Defense Repayment. Federal student borrowers can apply for a discharge in those circumstances, but private borrowers cannot.
The trusts win numerous lawsuits they file automatically, because borrowers often do not show up to fight. If you don't show up in court, National Collegiate (or any other private loan company) will win a default judgment-giving it a court order to collect your debt. But some cases that are being fought by lawyers have revealed the problems.
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