The New York attorney general, Eric T. Schneiderman, has opened an investigation into the collection practices of the National Collegiate Student Loan Trusts, one of the nation’s largest owners of private student loan debt, according to Mr. Schneiderman’s office.
The attorney general’s office sent subpoenas on Wednesday asking for information on every collection lawsuit filed by National Collegiate’s trusts against New York residents.
National Collegiate’s trusts have aggressively pursued in court borrowers who fall behind on their student loan payments. An article this week in The New York Times drew attention to the trusts’ inability in many of those lawsuits to produce the paperwork needed to prove that the trusts own the debts they seek to collect. Judges around the country have dismissed dozens of cases filed by National Collegiate’s trusts because of flawed or missing paperwork.
