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Wanna hear something crazy? Nearly $5 billion of private student loan debt may be erased. Obliterated. Eliminated. Gone. That’s what The New York Times is reporting, at least, and depending on who owns yours, you may be in for some favorable circumstances.

The aforementioned $5 billion are the cause 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,” NYT reports, and The National Collegiate Student Loans Trusts—an umbrella for 15 trusts holding 800,000 private student loans ($12 billion in total)—is having a hard time.

Basically, they need to present receipts in court proving they have the legal paperwork to validate ownership of its loans, “which were originally made by banks and then sold to investors.” But the effort to do so has been a struggle show, and according to legal documents, this may raise the likelihood for further defaults.

As a matter of fact, folks in New Hampshire, Ohio and Texas are already reaping benefits after judges dismissed lawsuits by National Collegiate since they couldn’t prove their ownership—and this is reportedly happening nationwide.

So what does this mean for you? It may be time to double check who owns your ish. Let Black Twitter tell it:

The report goes on to detail the stories of those who’ve faced trouble with National Collegiate in the past, including a woman who was presented documents claiming she had enrolled at a school she never attended.


Get your wallets ready (you got mon-neyyyyyy! *Quinta B. voice*) and read the full NYT report here.