SBPC Study Uncovers Age-Long Education loan Globe Program so you can Rob Millions of Personal College student Financing Consumers away from Bankruptcy Liberties
SBPC Prices you to definitely a personal debt Weight Equivalent to More than a beneficial Third of all of the Personal College loans Should be Discharged when you look at the Bankruptcy, Calls to the Law enforcement to hold Business Guilty of Years from Fraud
| Washington, DC – The fresh Pupil Borrower Safeguards Heart (SBPC) now wrote the outcomes of a capturing investigation determining a widespread, decades-enough time strategy so you’re able to cheat countless student loan individuals out of its right to bankruptcy. Considering an extensive review of ties filings, student loan promissory notes, and authorities data, SBPC estimates one $fifty billion inside so-entitled private student education loans started by the more 2.six million consumers, is, actually, permitted feel released in the bankruptcy even after representations on the other hand because of the lenders and you will mortgage servicers. SBPC’s analysis traces the new audacious plans that some of the prominent professionals from the individual student loan field, such as Sallie Mae and Navient, undertook to help you convince struggling individuals in addition to personal you to definitely their clients did not have the right to bankruptcy.