At the center of the storm is one of the nation's largest owners of private student loans, the National Collegiate Student Loan Trusts. According to Fox Business, student loans account for $1.4 trillion in debt nationwide.
That's a big number, but it accounts for a relatively small fraction of overall US student debt.
At least $5 billion in private troubled student loans may be dismissed because paperwork that proves loan ownership is missing.
The loans in question here were taken out before 2007, and some other institution would have actually originated the loan.Documents filed with the SEC, for instance, show that the majority-but not all-of the loans owned by National Collegiate were originated by Bank One, Charter One Bank, Bank of America, JPMorgan Chase, GMAC Bank, RBS Citizens Bank, and Union Federal Savings Bank.
Are my loans owned by National Collegiate? . He is Donald Uderitz, the founder of Vantage Capital Group, a private equity firm in Delray Beach, Fla., that is the beneficial owner of National Collegiate's trusts. For the economists who have always been anxious about the US's impending student-loan crisis, it's even worse.
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. An audit from 2015 showed that about 400 randomly-checked loans did not have the proper paperwork. Because of those steep rates, the size of the loans can quickly balloon, leaving borrowers to pay hundreds and, in some cases, thousands of dollars each month.
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