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Missing paperwork to wipe away $5 bn student loans

National Collegiate is a name for 15 trusts that holds 8 lakh student loans, totalling $12 bn

Stacy Cowley & Jessica Silver-Greenberg | NYT 

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 centre 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 ...

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First Published: Wed, July 19 2017. 02:05 IST