Private student loan debts are being erased because of incomplete and missing paperwork

Judges across the United States are wiping away student loan debts worth, in some cases, tens of thousands of dollars, all because National Collegiate Student Loans Trusts has been unable to show in court that it owns the loans it says it does.

National Collegiate is comprised of 15 different trusts, holding 800,000 private student loans. Those loans add up to $12 billion, and more than $5 billion is in default, court records state. The private loans were made by banks, then sold to...

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