And tens of thousands of people may have their student debt erased, as private creditors are realizing they don’t actually have the paperwork required to prove they own the loans. As much as $5 billion of student debt is at stake in the ongoing legal battles, which centers on National Collegiate Student Loan Trusts. Dozens of students have already had lawsuits against them dismissed, amid revelations National Collegiate Student Loan Trusts had mass-produced documentation and kept incomplete records.