The National Collegiate Student Loan Trusts may be saying good bye to $5 billion worth of student loan debts.
As it turns out, when it comes to managing loans, efficient paper work is key.
These latest developments highlight the already astounding student loan debt statistics.
Forbes has the story.
Why $5 Billion Of Student Loan Debts May Be Wiped Out
Could at least $5 billion of student loans be erased?
As reported by the New York Times, about $5 billion of student loan debt owned by the National Collegiate Student Loan Trusts – one of the nation’s largest owners of student loans – could be erased by judges due to alleged improper documentation and missing ownership records.
(Did You Know? Student Loan Forgiveness is a roundabout way to “wipe out” student loan debt. With several available student loan forgiveness programs offered by the Dept. of Education, borrowers are possibly able to qualify and apply for a forgiveness plan that might be a good fit for them. This free guide will help you discover all the ins and outs of qualifying and applying for a forgiveness program that you may be able to take advantage of today. Click here to learn more and get the free guide.)
It seems that the student loan debt crisis continues to unravel before our eyes.
The allegations, which The National Collegiate Student Loan Trusts are facing right now, are no laughing matter.
Compared to the approximately $1 trillion worth of student loan debts in the entire country, $5 billion may seem small.
However, considering it’s concentrated in one student loan owner, it presents one of the most grievous examples of mismanagement in the history of student loan debts.
Transparency and the Ugly Side of Student Loan Debts
Paperwork Errors Could Wipe Out $5B in Student Loans – Courts are throwing out National Collegiate’s cases https://t.co/zx3F9UyIb4
— NewsRadio 570 WKBN (@570wkbn) July 18, 2017
While bad news for the company, this latest discovery in the world of student loan debts is good news for student loan borrowers.
Imagine waking up one day with all of your student loan debt gone. Excitement over these events by borrowers is completely understandable.
However, nothing this good ever comes easy. Trust your gut, because you’re right to be suspicious.
What this latest crisis in student loan debt reveals is the ugly side of student loans.
According to Forbes’ report, prior to this development, The National Collegiate Student Loan Trusts had already been filing lawsuits against borrowers one after another.
While student loans are a means to realize your dreams, they come at a very high cost.
However, a ceasefire on the relentless attack on borrowers seems to be imminent.
The accusations against The National Collegiate Student Loan Trusts are made on sound judgment.
Paper work may seem like a trivial matter to lose billions of dollars over, but it represents what all good transactions must possess: transparency.
This recent turn of events is important because it upholds every borrower’s right to a safe and just process of acquiring student loan aid.
No one deserves less than satisfactory service just because one is asking for student loan help.
Borrowers should monitor the situation because it could potentially alter the entire world of student loan debts.
Fighting the Good Fight
The most important thing borrowers can learn from this bit of news is to be responsible.
Yes, there are institutions and loan-giving bodies to assist you through your student loan journey.
However, you must know just as much about them as they do about you.
Do your research, calculate your student loans, anticipate problems, and have solutions ready.
Above all else, seek reliable help.
When things like this happen, every bit of effort and energy spent studying your student loans will pay off.
Watch this video from Consumer Reports to hear more from those affected by the student loan debt crisis:
What are your thoughts on the latest events surrounding student loan debt? Let us know in the comments below.
Up Next: Careers that Forgive Student Loans
(Did You Know? Student Loan Forgiveness is a roundabout way to “wipe out” student loan debt. With several available student loan forgiveness programs offered by the Dept. of Education, borrowers are possibly able to qualify and apply for a forgiveness plan that might be a good fit for them. This free guide will help you discover all the ins and outs of qualifying and applying for a forgiveness program that you may be able to take advantage of today. Click here to learn more and get the free guide.)
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