Private Student Loan Debt Held by National Collegiate Trust May be Wiped Out

National Collegiate Trust is an umbrella name for 15 trust that hold 800,000 private student loans totaling $12 billion. More than $5 billion is in default. The trusts, usually represented by Transworld Systems, have aggressively pursued delinquent borrowers. The NY Times today reports that billions of the debt might be wiped away because National Collegiate Trust often lacks the paperwork to show it is entitled to collect on the debt. Judges throughout the country have dismissed lawsuits by NCT and Transworld because required documentation was missing. NCT's loans were made to college students more than 10 years ago by dozens...

CONTINUE

Consumer Agency Sues Navient fka Sallie Mae, for Cheating Student Loan Borrowers

This is the CFPB’s Announcement of a Very Significant Enforcement Action CONSUMER FINANCIAL PROTECTION BUREAU SUES NATION’S LARGEST STUDENT LOAN COMPANY NAVIENT FOR FAILING BORROWERS AT EVERY STAGE OF REPAYMENT Today the Consumer Financial Protection Bureau (CFPB) sued Navient, formerly Sallie Mae, the nation’s largest servicer of both federal and private student loans for systematically and illegally failing borrowers at every stage of repayment. For years, Navient has created obstacles to repayment by providing bad information, processing payments incorrectly, and failing to act when borrowers complained. Through shortcuts and deception, the company also illegally cheated many struggling borrowers out of...

CONTINUE

REQUEST A FREE CONSULTATION


  • 1736 Stockton Street
    Ground Floor
    San Fransisco, CA 94133
  • (415) 651-1951