Question: Is there a statute of limitations on student loans?

[Trailrider1951]

It seems that a few people here, myself included, have student loans that we are having a hard time paying off. Is there any time limit that exists for those loans? If you've paid on them for twenty years, and all that's happened is they got larger, can you get them cancelled? Can anyone help me with the limits of liability questions? Thanks in advance.

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[libhill]

1. Don't have a clue -

My daughter has one she's still paying on, going on six or seven years now. And still no light at the end of the tunnel.

[BuyingThyme]

2. I can't answer your question, but the statues of limitation

(for legal action) generally begin at the time you stop meeting the obligations, not at the time you originally sign on to the obligations.

[sidwill]

4. Don't you think that....

Since you borrowed that money to pay for an education you owe the taxpayers who funded the progam their money back?

[stinkeefresh]

8. and don't you think that an education

should cost less than $80,000?

everytime some irresponsible company declares bankrupcy, we tax payers eat it. I say if the educated person helps this society grow, s/he can keep my tax dollars for all I care.

[jandrok]

15. What guarantee do you have that the educated person will help....

...society grow? Education should indeed be afforadable for all, but don't sign the paperwork unless you believe that you can faithfully repay the loan.

The person who took the loan has an ethical responsibility to try to repay it. At the very least, they need to talk to a financial/credit advisor or an attorney and work something out with the loan company.

I had two student loans. I got behind on them, and had to work with the loan companies to keep things amiable. Student loans are tough to get around. Your paychecks can be garnished for starters. I paid them off several years ago. No better feeling in the world.

Best to contact the particulars and see what can be worked out.

Student loans are usually not predatory in nature. They typically carry low interest and long payback periods. Used correctly, it's a good way to help pay for school.

[hermetic]

3. I'm pretty sure

that student loans are forever. I know they can attach your Social Security payments to get them back. Sorry.

[Worst Username Ever]

5. No more so than a mortgage or credit card have time limits.

A loan is a loan.

[Pacifist Patriot]

6. Talk to a credit counselor.

As far as I know they remain your obligation. You definitely don't want to declare bankruptcy if you can help it.

[CountAllVotes]

7. you might check into consolidating

This might be a very good idea. It used to be if you consolidated them you could have them dismissed after 20 years. I don't know what the rules are now though. You should contact the lender and see that they have to say.

:kick:

[damntexdem]

9. Yeah, I think that it's about ...

200 years. But I could be wrong: it could be longer.

[patcox2]

10. Statute of limitations, if there is one, runs from last payment.

I don't know about your state, and I am not sure if there is a special rule for federally guaranteed student loans, but most contract statutes of limitations are around 4 to 7 years, but the timing runs from the last payment you made, or the last time you did anything which acknowledges the validity of the debt as yours.

They are also not dischargeable in bankruptcy.

[flyingfysh]

11. talk to your student loan servicer

They can (and very often do) make arrangements for a long-term payment plan. I know, I've written computer code to compute such a payment plan. If you call your servicer, they may run my code!

Sometimes multiple student loans can be "consolidated" into a single loan at an amazingly low interest rate.

Don't ignore this. If necessary, they can (and do) attach part of your paycheck. I've seen computer code that supports that. If they have to take you to court, there are additional costs, and you have to pay those also.

Talk to your servicing company, and see what they can work out with you. If you really can't pay that and other loans, bankruptcy changes everything. Talk to a lawyer about that.

[tubbacheez]

12. The loan should contain terms that include the max length

of the loan. Check your original paperwork for some fine print you may've missed.

There could be penalties for non-payment by that date.




One way to potentially buy yourself more time is to consolidate and refinance them.

[DebJ]

13. upon the death of you, and the death of all beneficiaries/heirs!

[catmandu57]

14. No

I'm disabled and have student loans decades old they still try to collect on. I can get them forgiven, but, I have to jump through hoops, sit up, beg, and speak.
For me it's easier to just tell them to get lost, I live on ssi and that can't be attached, not yet anyway.
They can and will attach your wages, take any income tax return with your number on it, and attach regular social security.
If you're worried about credit or getting attached, it's best to bite the bullet and try to come to an understanding with the dept. of Ed.
They won't go away.

[Name removed]

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