[Note: This comment comes from reader Randall Head. DLH]
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.
Twenty years after I graduated law school, I got a letter from a bill collector telling me I owed about $3200 on my student loan.
I wrote back and said the loan had been paid off five years earlier, and would they be so kind as to send me documentation of my account?
I did not hear back from them.
A year or so later, I got a letter from a different collector, telling me I owed about $2300 on my student loan.
I wrote back with the same request, enclosing another copy of the earlier letter.
Maybe a year and a half or two later, I got another letter from a different collector, wanting about $2800.
I sent them a copy of the first two letters and politely asked for documentation of the loan and itemization of the account.
Couple months later I got a letter from them, enclosing a copy of the original note and stating they had no records I had ever made any payments.
I wrote back, asking how it was possible that I had borrowed $5,000.00, never made any payments, and yet I still owed $2800 after twenty-some years?
Not a peep was heard from them.
Twenty five years after I graduated law school, I had married and my wife was owed a tax refund.
Some collection agency took $750 of it, and sent me a letter congratulating me on having paid off my student loan.
Like I’m gonna sue them, over $750?
The moral of this story, boys and girls, is simple: When you get the letter from the student loan lender, congratulating you on paying off your loans — SAVE IT, FOR THE REST OF YOUR LIFE!
As Paperwork Goes Missing, Private Student Loan Debts May Be Wiped Away
By STACY COWLEY and JESSICA SILVER-GREENBERG
Jul 17 2017