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Wednesday, July 19, 2017

Paperwork Missing, Student Loans may be Wiped Away

Tens of thousands of people who took out private loans to pay for college but have not been able to keep up payments may get their debts wiped away because critical paperwork is missing.

The troubled loans, which total at least $5 billion, are at the center of a protracted legal dispute between the student borrowers and a group of creditors who have aggressively pursued them in court after they fell behind on payments.

Judges have already dismissed dozens of lawsuits against former students, essentially wiping out their debt, because documents proving who owns the loans are missing. A review of court records by The New York Times shows that many other collection cases are deeply flawed, with incomplete ownership records and mass-produced documentation.

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3 comments:

Anonymous said...

I might suggest checking Bernie Sanders files for the missing paper work.

Anonymous said...

So...snowflake goes to college, obtains degree, then cannot afford to pay loan. Loan is miraculously wiped away and snowflake is debt free.

Question then becomes: What lesson has snowflake learned?

I'm already worried that many snowflakes think Harry Potter is reality and things can be wiped away POOF!!!

Anonymous said...

Are you a big banker?

Why do you hate snow so much?