Judges recently dismissed dozens of lawsuits against private student loan borrowers because of shoddy record keeping by companies claiming to own the debt. That could be promising news for borrowers, particularly those with loans held by the National Collegiate Student Loan Trusts, one of the largest owners of private student loan debt and the organization at the center of recent court cases. But the chances that your loan will be wiped out are slim. So far, courts have looked only at cases in which National Collegiate sued borrowers. Until you learn otherwise, continue making payments.
If you're contacted by an unfamiliar lender, ask for a copy of the master promissory note. The company is not legally required to provide the information, but if it doesn't, you can file a complaint with the Consumer Financial Protection Bureau and your local attorney general’s office.
To avoid questions about who owns your loans, keep a copy of the signed promissory note for each loan as well as any communication you receive about the sale of your loans to another company. Borrowers with federal student loans can track them through the National Student Loan System at www.nslds.ed.gov.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
-
Retirees Face Significant Tax Bills Due to FraudFraud A new report sheds light on how older adult scam victims end up with big tax bills and lost retirement savings.
-
What Not to Do if an Employee or Loved One Is KidnappedBusinesses need to have a crisis plan in place so that everyone knows what to do and how to do it. Sometimes, calling the authorities isn’t recommended.
-
403(b) Contribution Limits for 2024retirement plans Teachers and nonprofit workers can contribute more to a 403(b) retirement plan in 2024 than they could in 2023.
-
Roth IRA Contribution Limits for 2024Roth IRAs Roth IRA contribution limits have gone up for 2024. Here's what you need to know.
-
Four Tips for Renting Out Your Home on Airbnbreal estate Here's what you should know before listing your home on Airbnb.
-
Five Ways to a Cheap Last-Minute VacationTravel Procrastinator? No matter. You can pull off a fun and memorable getaway on a moment's notice — without breaking the bank.
-
How Much Life Insurance Do You Need?insurance Instead of relying on rules of thumb, you’re better off taking a systematic approach to figuring your life-insurance needs.
-
When Is Amazon Prime Day?Amazon Prime In 2023 Amazon had two Prime Day events — one in July and another, called Big Deal Days, in October. We expect 2024 to follow the same schedule.
-
How to Shop for Life Insurance in 3 Easy Stepsinsurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
-
5 Ways to Shop for a Low Mortgage RateBecoming a Homeowner Rates are high this year, but you can still find an affordable loan.
