Finance

Missing paperwork could wipe out billions in private student loan debt

Missing paperwork could wipe out billions in private student loan debt”

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.

That's a big number, but it accounts for a relatively small fraction of overall US student debt. That leaves roughly $108 billion in private student loans, of which National Collegiate holds $12 billion, or 11%.

But National Collegiate's problems are especially acute, she said.

The private student loan business is actually much larger even. He is Donald Uderitz, the founder of Vantage Capital Group, a private equity firm in Delray Beach, Fla., that is the beneficial owner of National Collegiate's trusts.

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. The trust organization is facing trouble proving in court that it has the legal paperwork to prove ownership of its loans.

However, judges have dismissed dozens of complaints against former students because National Collegiate lacked the proper paperwork showing ownership of its loans - thus wiping out borrowers' debt.

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From the sounds of it, there are thousands of dutiful Americans in debt who are paying their monthly loan payments to this company that may not have to do so because of this massive issue. 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.

If you've been served with a lawsuit, get an attorney.

Student loan borrowers throughout the US may have reason to celebrate if their debts are forgiven because of missing paperwork.

By avoiding predatory private loans and steering clear of for-profit colleges, you can make sure your education pays off.



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