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 Posted: Wed Sep 12, 2007 1:58 pm Subject: Student debt SOL |
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do student loans have a status of limitation?
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slick15
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| Posted: Wed Sep 12, 2007 2:00 pm Subject: sol |
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I forgot to add... a private student loan though Sallie Mae...
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slick15
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| Posted: Wed Sep 12, 2007 2:22 pm Subject: |
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I don't believe they do. Sallie Mae loans are guarenteed. They will garnish your wages for them if you don't get them fixed.
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FYI
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| Posted: Wed Sep 12, 2007 2:37 pm Subject: sol |
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in order to garnish my wages do they not first have to take me to court?
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slick15
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| Posted: Wed Sep 12, 2007 4:55 pm Subject: |
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No they don't. They just send a letter to your HR department and you next check will start being garnished by what ever % your state law allows.
The government guarentees your student loans will be paid back. That's why they can garnish your wages no matter what state you live in.
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FYI
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| Posted: Thu Sep 13, 2007 1:10 am Subject: |
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FYI is mostly correct-the garnishment is merely administrative, but the rate is 15% regardless of your state (even if it is SC, NC, or TX).
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Morningstar
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| Posted: Thu Sep 13, 2007 5:31 am Subject: |
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During part of my bank rotation in college, I took a stint in student lending....private loans can be collected on even after you are deceased. They can/will go after any estate $$, etc.
Student loans are a whole other beast unfortunately..there is almost no way to get around them.
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volleyballmom
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| Posted: Thu Sep 13, 2007 12:48 pm Subject: |
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Private student loans & SOL is up for debate. I actually questioned TERI, one of the largest private guarantors in the US and they told me that non profits do not have a SOL. Sallie Mae private loan division is considered a non profit. In most cases, private loans will file for judgement around the 4-5 year mark since they cannot use the admin garnishment program that the federal loans use. However once a judgement has been rendered, they will pursue garnishment.
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SOAPLADY
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| Posted: Tue Sep 25, 2007 3:26 am Subject: |
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Hi, I think there is no statue of limitations on some student loan,like goverment-backed and most of student loan debt will survive a bankruptcy.
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domainforsale321
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