To: National Collegiate Student Loan Lender
Tell the Student Loan Collectors to Lose the Paperwork!
The National Collegiate loan company is having trouble producing the proper paperwork in court to prove it has the right to collect on student loans.
To whoever is working there, please lose the paperwork. Free students from debt.
Why is this important?
According to a recent New York Times article, "tens of thousands of people who took out private loans to pay for college but have not been able to keep up payments may get their debts wiped away because critical paperwork is missing."
This is a fantastic idea!
The article goes on to report that "many people with private student loans end up shouldering debt that they never earn enough to repay... private loans lack that flexibility, and they often carry interest rates that can reach double digits. Because of those steep rates, the size of the loans can quickly balloon, leaving borrowers to pay hundreds and, in some cases, thousands of dollars each month."
However, someone at National Collegiate has the opportunity to make it all go away.
In 2014, Chilean artist Papas Fritas burned the paperwork for thousands of dollars of student debt in that country. This is an opportunity to do the same.
Education should be a right, not an opportunity for predatory lenders to make a fortune. It is time for increased protections for borrowers and more regulation of private lenders to avoid the exploitation of people seeking access to higher education.