Many former college students who default on their private student loans find themselves facing a lawsuit brought about by the National Collegiate Student Loans Trust; but who are they and what role do they play in the student loan process?
Student loans are something that roughly every college student has considered taking out or had to take out while in school. This is usually the last resort for some, as the funds in the form of grants, awards, and scholarships are just not enough. Meanwhile, a college education wouldn’t be possible without student loans for many other students. In 2012 alone, 66% of public school attendees and 74% of private school attendees had student loans. While the U. S. Department of Education handles all federal student loans, numerous entities are involved in issuing and collecting on private student loans.Details