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Thousands of student debts could disappear due to missing paperwork

Thousands of student debts could disappear due to missing paperwork”

The National Collegiate Student Loan Trusts are a collection of trusts that together comprise one of the US's biggest owners of private student loans, possessing around 800,000 different loans totaling $12 billion. Sometimes, explains student loan expert Mark Kantrowitz, such issues have arisen because documents have gone missing, particularly for older loans where actual hard copies were transferred.

That's a big number, but it accounts for a relatively small fraction of overall USA student debt.

Since the loans were originally granted to students by banks and then bundled and sold to National Collegiate, it is unclear who exactly owns the individual loans, and if National Collegiate can not prove official documentation in court a judge will be forced to throw them out.

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According to recent statistics, Americans owe more than $1.4 trillion in 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.

When borrowers don't go to court, National Collegiate nearly always automatically wins the case, but when they do show up, most of the time judges throw the suits out because National Collegiate was not able to produce the paperwork proving it owned the debt in question. "I question whether they actually possess the documents necessary to show that they own loans", Ms. Smith said.

As a matter of fact, judges have already dismissed several dozen lawsuits against borrowers in default on their student loans from these private creditors.

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The trusts win numerous lawsuits they file automatically, because borrowers often do not show up to fight.

If you've been served with a lawsuit, get an attorney. For National Collegiate, this is a high price to pay for missing paperwork.

While they usually come out the victor, there have been instances in which borrowers prevailed because documentation proving ownership wasn't provided.

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