Student loan relief may finally be on the horizon for student loan borrowers whose loans are held in Trust with National Collegiate. The illegal collection activities of National Collegiate & Transworld have finally been addressed.
On September 18, 2017, the Consumer Financial Protection Bureau ("CFPB") entered into a consent order with National Collegiate Student Loan Trust and their collector, Transworld Systems, for illegal student loan debt collections. These companies were collectively ordered to pay $21.6 million dollars in compensation to consumers, as well as, penalties to deter them from such actions in the future.
In addition to monetary penalties, National Collegiate and Transworld have been ordered to cease all collection activity including filing suit against borrowers. They have also been ordered to audit all 800,000 student loans held in their portfolio.
You may be wondering how this settlement will impact your loans. We can help you get the answers you deserve! Contact us today to set up your student loan analysis.