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Financial Friday: Can My Student Loan Debt be Erased?

Betty Thorne, Stetson University

Betty Thorne, Ph.D.

The news says that student loan paperwork is missing – can my debt be erased?

Probably not. While several judges have dismissed student loans due to missing paperwork, these cases have several characteristics in common:

1)      The loans were taken out before 2007. 

2)      The borrowers were behind on loan payments and being sued.

3)      National Collegiate was a lender, guarantor or loan servicer.

Valrie Chambers, Ph.D., Stetson University professor

Valrie Chambers, Ph.D.

Only a fraction (800,000 loans, or about 11% of loans nationwide) are affected. If it looks like your loan is affected, or that your loan paperwork may be missing or contain substantive errors, get an attorney who specializes in debt collection and credit reporting.


Valrie Chambers, Ph.D., is Chair of the Accounting Department and associate professor of taxation and accounting. Betty Thorne, Ph.D., is a professor of statistics and the Christian R. Lindback Chair of Business Administration. They write Financial Fridays to bolster students’ financial wellness, including preventing financial mistakes, safeguarding their assets and identity, and thinking critically about financial decisions. For questions, contact Valrie Chambers at Valrie.chambers@stetson.edu.