Student Loan Debt Wiped Out
A Circuit Judge from Highlands County, Florida, granted the consumers’ motion for summary judgment on the grounds that the plaintiff, National Collegiate Student Loan Trust, had failed to provide notice to them of the assignment of the student loan.
Consumers/borrowers took out student loans with Bank of America, but, they were sued by National Collegiate Student Loan Trust – a stranger to them. Section 559.715 of the Florida Statutes requires that a 30 day notice be provided to consumers of the assignment of the debt to a debt buyer prior to filing suit. The Student Loan debt that were wiped out as a result of this Summary Judgment totalled over $60,000.