Due to the loss of key documents that can prove the creditor's rights, the National College Student Loan Trusts, the largest creditor of American private student loans, is facing an irreparable dilemma, and the loan debts of tens of thousands of American college students may be written off.

The New York Times disclosed on July 17 that the National College Student Loan Trust Fund lost its loan documents, because these loans were actually bond assets resold layer by layer.

In the United States, if college students want to apply for private student loans, they usually borrow from credit institutions such as banks. After the bank issues loans, it sells them to investment companies through finance companies. This process is also called asset bonds. These loans are not guaranteed by the federal government.

American students are happy now that they don't have to repay their student loans, but the United States is a country without credit. If the students involved really don't repay, it is estimated that social credit will be discounted in the future.