National Collegiate holds as many as 800,000 private student loans, worth about $12 billion. The group of trusts is one of the largest owners of private student loans in the USA and has brought tens of thousands of lawsuits against borrowers who've fallen behind on their payments.
Have you taken out a private student loan to fund your education? The College Board estimates that the average cost of attending a for-profit institution is $16,000 a year, roughly 4.5 times more than the cost of the average two-year college, and 1.7 more than the cost of the average four-year public college for in-state students.
The entire $5 billion of loans that are in default right now stand a chance at being basically wiped away.
But National Collegiate's problems are especially acute, she said. However upon picking up your diploma, most graduates also picked up the tab and entered into the world of student loan debt. But National Collegiate trusts don't own all of the loans by made by these lenders, and these aren't the only lenders that sold loans to National Collegiate. For the economists who have always been anxious about the US's impending student-loan crisis, it's even worse.
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But at issue is the group's ability to show paperwork proving that it owns the loans in question.
A group of creditors may not be able to collect on the loans even after taking student borrowers to court because of the missing paperwork, The New York Times reported.
Document: National Collegiate's Audit of P.H.E.A.A. The missing documentation may mean tens of thousands could be off the hook for paying back loans.
Judges throughout the country have already tossed dozens of collection lawsuits filed against borrowers because of missing documents. Smith, of the National Consumer Law Center, recommends finding a lawyer who specializes in debt collection and credit reporting issues through the National Association of Consumer Advocates' search tool. That's because the people who had their debts erased were first sued by National Collegiate for being several months behind on their loan payments.