National Collegiate is composed of 15 different trusts, collectively holding 800,000 private student loans.
That amounts to around $five billion in loans. The College Board estimates that the average cost of attending a for-profit institution is $16,000 a year, roughly 4.5 times more than the cost of the average two-year college, and 1.7 more than the cost of the average four-year public college for in-state students.
At least $5 billion in private troubled student loans may be dismissed because paperwork that proves loan ownership is missing.
Since the loans were originally granted to students by banks and then bundled and sold to National Collegiate, it is unclear who exactly owns the individual loans, and if National Collegiate can not prove official documentation in court a judge will be forced to throw them out. Defendants often settle with National Collegiate or ignore the summons altogether.
One of the biggest holders of private student loans appears to have flunked Bookkeeping 101-and that could be very good news for a lot of borrowers. He is Donald Uderitz, the founder of Vantage Capital Group, a private equity firm in Delray Beach, Fla., that is the beneficial owner of National Collegiate's trusts. And most student debt holders don't owe National Collegiate.
But at issue is the group's ability to show paperwork proving that it owns the loans in question. The missing documentation may mean tens of thousands could be off the hook for paying back loans.
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