Who would have thought that the bureaucratic hellscape that makes student loans such a nightmare to navigate would eventually work in your favor?
The National Collegiate Student Loan Trust, a group of 15 trusts holding 800,000 student loans worth around $12 billion, has been pursuing borrowers in court, but case after case is being tossed out because the trusts have been unable to produce paperwork proving they actually own the loans, the New York Times reports.
The 166,000 separate loans, which total $5 billion, are now at the center of a legal battle.
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Judges have recently thrown out lawsuits brought by the trusts in New Hampshire, Ohio and Texas.
"Unless the tax laws change, not all employers can contribute to paying down student debt", said Balaji "Raj" Rajan, CEO of IonTuition, "But this study proves that employers have a key role to play across multiple generations of employees - from parents planning college for newborns to older employees paying for their own or their children's loans". Disorganized or missing paperwork has made it hard for National Collegiate to prove it does indeed own the defaulted loan it's demanding repayment on.
The messy paperwork may be something of a miracle for burdened students, but it is a nightmare for the thousands of borrowers who are now in the middle of the storm, unable to get answers about the state of their loans. Of the almost 50% of respondents who reported having a 401 (k), almost one-quarter said they would prefer student loan assistance over their 401 (k) plan. The private student-loan market within that is even more problematic: National Collegiate's loans were all originally made to students from dozens of different banks that sold them in bundles to investors through securitization; none of the loans are guaranteed by the federal government.