I know this is a Private Student Loan. I assume it is in no way shape or form backed by the Federal System.
Just wondering if this is a "non-profit" or "for-profit" loan. Can't find anything on a promissary note from 2001 on this type of student loan. Reason for Editing (Minimum 15 Characters)
Asked on 11:50 am Mar 9th 2011
Anonymous
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Section 484A(a) of the Higher Education Action provides that no statute of limitations bars enforcement action to collect Federal student loans, including collection by offset, lawsuit, or enforcement on student loan judgments. 20 U.S.C. § 1091a(a). State law that would otherwise limit these actions is superseded by Federal law and cannot bar collection action. How to Deal with Unlicensed/Illegal Payday Lenders - Step by Step Instructions
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Answered on 12:13 pm Mar 10th 2011
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I guess I might as well comment....
I have this loan (Key Alternative) in a default status -last payment in early '05. Neither the borrower or co-signer have been sued. Had a collection agency try to collect in '09 - Sent a Certified Letter requesting the balance and how it was calculated, copy of promissary note, etc. (Basically a DV) and have not heard anything since.
Reason for my question is that if this is a non-profit loan, the SOL where the borrowers reside would be up for a loan with a promissary note (5 years in my state). Reason for Editing (Minimum 15 Characters)
Answered on 2:08 pm Mar 9th 2011
Anonymous
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OhioGal1,
Can you provide a statute/law that says this? Reason for Editing (Minimum 15 Characters)
Answered on 11:50 am Mar 10th 2011
Anonymous
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@OhioGal1-
That clearly states that is for "Federal" student loans only. Don't think this applies to Key Alternative Loan.
@SOAPLADY-
Yes Key did offer these loans, I have a the promissory note in front of me. Nothing about it says "TERI" is involved. The only other company mentioned on the entire note is "KeyCorp"
The one other this is the 'Choice of Law' provision which says laws of Ohio Apply, which is 15 years SOL. I googled that most states/courts will use their own states SOL though. Reason for Editing (Minimum 15 Characters)
Answered on 9:56 am Mar 11th 2011
Anonymous
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So can a Key Alternative Loan (Private Loan) be discharged in a Chapter 7 Bankruptcy? Reason for Editing (Minimum 15 Characters)
Answered on 2:11 pm Apr 21st 2011
Anonymous
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I dont know what is going on. The keyalt loan that i took out on 2004 was not discharged in the bk7. But, half of the balance was written off and is no longer due as a result. I cannot call anyone, do not get any statements, and do not get a receipt for my payments. The half is still due shows up on my credit report. Very very strange. Not sure what to do as I cannot call or reach anyone. The phone number says to contact your schools fin aid office and then hangs up.
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Answered on 10:19 pm Jun 3rd 2011
Anonymous
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