DEBT RELIEF LAW CENTER
Attorney N. James Turner Can Help
Stop The Harassment!
Student Loan lawsuits are on the rise all across the country. National Collegiate Student Loan Trust and SLM Private Credit Student Loan Trust are suing consumers across the country for past-due private student loans. Neither National Collegiate Student Loan Trust nor SLM Private Credit Student Loan Trust are lenders but are debt buyers of private student loans guaranteed by TERI rather than by the federal government. These entities purchase student loans from the original lenders and attempt to collect them from the borrowers. These private student loans were used by students to assist in financing the cost of their education in attending undergraduate, law school, business school, medical school, dental school, and other graduate programs.
Both National Collegiate Student Loan Trust and SLM Private Credit Student Loan Trust are Student Loan Asset-Backed Security (or, as they’re known in the industry, SLABS). SLABS were invented by then-semi-public Sallie Mae in the early ’90s, and their trading grew as part of the larger asset-backed security wave that peaked in 2007. Simplly stated, these student loans are bundled and sold as investments to the general public as a safe investment.
In order to obtain a judgment against the consumer/borrower on a defaulted student loan, the plaintiff must prove ownership of the loan. Given that the consumer did not borrow the money from the plaintiff, it must show how it acquired the loan. Proof of assignment of the student loan is a requirement.
National Collegiate Student Loan Trust and SLM Private Credit Student Loan Trust count on consumers doing nothing so they can obtain a default judgment against the borrower. From a statistical standpoint, more than 90% of all collection lawsuits – including those for private student loans – end up with a default judgment.
Most student loan borrowers who receive lawsuit papers simply do nothing to defend themselves. It is important for consumers to defend themselves against lawsuits brought by National Collegiate Student Loan Trust and to demand that they prove their case.
STARTED SINCE 1990
Orlando Consumer Rights Lawyer - providing aggressive and affordable professional services to consumers who have been victims of debt collection harassment by debt collectors and auto fraud, to residents in Orlando, Kissimmee, and throughout the Central Florida Area.