Billions in private student loans could be wiped away. Do you still have to pay?

Thousands of borrowers who are behind on at least $5 billion in private loans may see that debt disappear, according to the New York Times.

National Collegiate Student Loan Trusts, a massive student loan entity comprising 15 trusts that own a total of $12 billion in private student loans, is at the center of the controversy. The company bought bundles of student loan debt from banks and financial institutions, and in the process, had trouble keeping track of proper files.