$5B in Student Loan Debt Could Be Gone Thanks to Missing Paperwork
20 July, 2017, 00:48 | Author: Celia Hoffman
According to The New York Times, the cases showed that the cases showed that National Collegiate kept "incomplete ownership records and mass-produced documentation". Of those, roughly 166,000 loans, worth some $5 billion, are in default.
Some of the loans held by National Collegiate were granted to students over a decade ago by tons of different banks, and then the loans were packaged together and sold to investors.
But at issue is the group's ability to show paperwork proving that it owns the loans in question.
Document: National Collegiate's Audit of P.H.E.A.A. Borrowing to finance higher education is an economic decision that often pays off, but federal student loans - a much larger market, totaling $1.3 trillion - are directly funded by the government and come with consumer protections like income-based repayment options.
This essentially wipes out the debt.
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Even if National Collegiate owns your loan, however, that doesn't mean you're off the hook. They aggressively hound student borrowers who fall behind on their bills and have brought tens of thousands of lawsuits against defaulters in the past five years.
The messy paperwork may be something of a miracle for burdened students, but it is a nightmare for the thousands of borrowers who are now in the middle of the storm, unable to get answers about the state of their loans. Once borrowers are sued, most either choose to settle or ignore the summons, which allows the trusts to obtain a default judgment. But some cases that are being fought by lawyers have revealed the problems.
"Judges throughout the country, including recently in cases in New Hampshire, Ohio and Texas, have tossed out lawsuits by National Collegiate, ruling that it did not prove it owned the debt on which it was trying to collect".
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