Private Student Loan Lenders Drop The Ball
Posted on Tuesday, July 18 2017 11:20:00 AM in POP NEWS by Chandra Meadows
Student loans are a college student's worst nightmare. We are told to pursue higher education but that pursuit is often attached to higher interest rates. After spending years in school with the hopes of getting a degree and a good job afterwards, many are stuck working to repay what was borrowed to receive an education.
Student loans are one of America’s most ridiculous practices. However, the student debt Gods has shined light on some of those who may be stuck repaying their loans. In a recent legal dispute, student debt is being removed as a result. Apparently, there are some creditors who have taken student borrowers to court but haven’t had the paperwork to actually prove who initially took out the loans.
The National Collegiate Student Loan Trusts is the main company under scrutiny for not being able to provide the legal paperwork for the loans they allegedly issued.
“National Collegiate is an umbrella name for 15 trusts that hold 800,000 private student loans, totaling $12 billion”, according to MSN.
This situation isn’t looking too good for the creditors involved. However, this comes as a sigh of relief for those who were stuck paying loans they may not have ever been able to fully repay.
These cases probably won’t be going away anytime soon, especially since the creditors are scrambling trying to figure out who owns what loan. This legal dispute can go on a for a while.
In the meantime, check out your student loans and read more about this case.