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Posted: Tue Mar 27, 2007 5:30 pm Subject: student loan that 10 years old

i have a friend that has a student loan back form 1990 she had troble paying it and hasnt paid anything on it for 10 years.. does the sol apply to student loans to?

Posted: Tue Mar 27, 2007 5:34 pm Subject:

As far as I know government guaranteed student loans never expire due to sol.Soaplady could verify this.She has a boatload of exp. in this.

Posted: Tue Mar 27, 2007 6:03 pm Subject:

There is no SOL on student loans, they are government money, just like taxes.

Posted: Tue Mar 27, 2007 7:08 pm Subject:

Thanks Ari,
That is one of my weak areas.

Posted: Tue Mar 27, 2007 7:43 pm Subject:

Not only is there no SOL, but they do not need to sue your friend to garnish her wages, if these are government loans. Tax refunds and social security benefits are not safe, either.

Posted: Tue Mar 27, 2007 8:02 pm Subject:

Everything stated above it correct. There is a sticky in the student loan forum with all the links to DOE explaining rules and regs of default. Your friend might want to look into rehabbing or consolidating her loan to get affordable payments. All the information is in the forum and in the sticky.

Law Student · Posted: Wed Mar 28, 2007 3:46 pm Subject:

Tell your friend to contact the Dept of Education about their Loan Rehabilitation program. It doesn't discharge the loan, but can set up affordable payments. Because, as others have said, there is no SOL, and it never goes away.

Posted: Wed Mar 28, 2007 3:56 pm Subject:

Excellent advice, Law Student. I couldn't have said it better myself. For many people, rehabilitating their defaulted loans has been their salvation. It's like getting a second chance, and it helps improve their credit quicker.

Guest · Posted: Wed Apr 04, 2007 7:30 am Subject:

Ari (or any one else knowledgeable),
What exactly is "Rehabilitating" a student loan? I m getting to a point where I need to start addressing mine. They have been in various states of deferment or forbearance for about 10 years. Now it looks like I'm finally getting my financial house in order and tying up loose ends.

Posted: Wed Apr 04, 2007 7:33 am Subject:

Guest,when a student loan goes into default for non payment,dept of education has various collectors and methods of getting loan repaid. When you rehab a loan,you make a number of payments towards the loan and it would cure the default.

Posted: Wed Apr 04, 2007 7:39 am Subject:

That last guest was me, forgot to sign in. Thanks for the reply. sounds like I wouldn't qualify.

Posted: Wed Apr 04, 2007 8:00 am Subject:

LCW...

Have you consolidated your loan yet???

Posted: Wed Apr 04, 2007 8:00 am Subject:

LCW,please go to the student loan section and read Soaplady's sticky on this type of debt. I would at least check everything out before giving up.

Posted: Wed Apr 04, 2007 8:23 am Subject:

I'm not exactly sure what Ive done with it.. There were four stafford loans, but I make one payment to Sallie Mae. I have twice done something that lowered the payments, but I'm not certain it was consolidation...

Posted: Wed Apr 04, 2007 8:23 am Subject:

I'm not exactly sure what Ive done with it.. There were four stafford loans, but I make one payment to Sallie Mae. I have twice done something that lowered the payments, but I'm not certain it was consolidation...

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student loan that 10 years old

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