There has been a lot of chatter about student loans in recent years. Many folks can’t justify the debt they incur in order to further their education. They graduate college with a degree and a pile of debt.
Well, some of those former students are in for some Monopoly game style luck. There has been a major error in the National Collegiate Student Loans Trust because critical paperwork is missing, as reported by Fox26Houston.
The article claims that 166,000 different loans are unaccounted for and their total reaches $5 billion. Student loans account for $1.4 trillion of debt nationwide, and judges have begun clearing debts in New York, New Jersey, Texas and Ohio. (Fox26Houston.com)
This would be a dream come true for many. It appears that it’s somewhat like the debt collection process. Your debt goes to a collection agency and then they file the paperwork to try and get money from you through the court system. The National Collegiate Student Loans Trust can’t find the loans they bought from the bank. If they don’t find them that means they can’t prove anyone owes them money. See how that works?
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