Could this be true?
Date: Fri, 05/20/2011 - 10:13
I am being sued for an 8 year old TERI backed student loan and I recently read from some poster that TERI backed private loans may be able to collect for a lifetime but they can't sue you past a certain time. Is this true? Would a debt collection agency sue me knowing that the last activity was in, 2003? Can anyone site a law proving that you can't be sued for a Teri backed loan past 7 years?
What are you defining as last activity?? SOL for private studen
What are you defining as last activity?? SOL for private student loans go from the default date or the date of last payment after the default.
From a good friend of mine...Cynic....
Quote:
20 U.S.C. ? 1091a(a) eliminates statute of limitations on all education loans insured by a nonprofit unit. TERI is exactly that. So is Hemar Insurance (the entity that insures most of the private loans issued by Sallie Mae). Even Citibank, Chase, etc have non-profit subsidiaries to insure their private student loans. |
