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Who is NCT? That’s complicated. Your student loan probably originated with a private bank. Over time, the bank transferred the promissory note to the National Collegiate Funding, LLC. National Collegiate Funding, LLC then creates and packages the loans into series of trusts pursuant to Delaware statutory law. They then sell the loans to investors as asset backed securities. NCT claims to own my loan, but I never did business with them. You may have never heard of NCT before. That’s typical. … [Read more...]

New Jersey College Loan to Assist State Students (NJCLASS)… A Loan with NO Class at all

Your child is in college and Federal financial aid isn’t enough to pay for tuition. You’re presented with an application for an NJCLASS loan issued by HESAA (Higher Education Student Assistance Authority) which your child asks you to cosign since these loans are based on credit worthiness. Your kid explains to you that their financial aid advisor said these are great loans with low interest rates. You happily sign the promissory note to make your child happy. You go about your business happy to … [Read more...]

Discharging Student Loans in Bankruptcy

Many people know when they come into the office that they won’t be able to discharge their student loans. In New Jersey, in order to discharge your student loans, you have to be able to prove an “undue hardship.” Of course, you’re thinking I have an “undue hardship” because I can’t make the payments on my loans. However, “undue hardship” is a legal term or art. In order to make your case for an “undue hardship” you have to pass what is known as the Brunner Test. The Brunner Test is a … [Read more...]

Bankruptcy, Co-Signers & Private Student Loans

Many people believe that private student loans are treated the same as Federal student loans. This is not true. Unlike Federal loans, which are regulated by the Federal Government, Private loans are based entirely on the terms and conditions included with the Promissory Note you signed. Many private student loan promissory notes contain an acceleration clause. An acceleration clause means that the entire loan defaults, and becomes completely due and payable when certain conditions are … [Read more...]

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