SOL on private student loan
Date: Sat, 11/21/2009 - 07:04
what is the SOL on private student loans in Florida??
what is the SOL on private student loans in Florida??
Should be 5 years from the date of default. However some nonpro
Should be 5 years from the date of default. However some nonprofit lenders will argue that since they are non profit there is no sol.
Most private lenders will sue before the SOL runs out.
How do you determine the date of default? Funds were dispersed
How do you determine the date of default? Funds were dispersed to the school but was never attended. No payments have ever been made on the loan and I've been fighting to get it off my credit report since 2002. Sallie mae is now just getting around to collecting on it.
When was the loan dispersed? As a general rule, loans will defa
When was the loan dispersed?
As a general rule, loans will default 9 months or so after the student seperates from the school. The credit report should show when it was transferred to sallie mae recovery. However, other variable can affect the default date.
Sounds like a non withdrawal issue and the funds are legally owed.
That makes no sense... he never attended the school.. why would
That makes no sense... he never attended the school.. why would they be legally owed? The school has no attendance records for him so no need for formal withdrawl. The school kept the money and we didn't even know there was a Sallie Mae loan. Only applied for but never attended the school does not warrant a formal withdrawl.
If this was career school or private training school, you don't
If this was career school or private training school, you don't "apply" to, you "sign up" for school. There is no acceptance like with a university or college....you gotta read the paperwork. And if he signed up and didnt attend, of course there is no attendance record. However not attending does not forgive the loan. You reserve a spot basically and if you do not officially withdraw, the school is within their legal right to cash the loan check.
This is not an uncommon senario....I have seen it happen many times. It all comes down to reading what you are signing.
In Florida, the SOL on that would be 5 years. As a previous post
In Florida, the SOL on that would be 5 years. As a previous poster mentioned, non-profit private lenders will argue that their loans don't have an SOL. If the loan comes from someone like Wells Fargo or Chase, you can beat on SOL defense especially if the loan is from 2005 or earlier.