Institutional student loan?

Discussion in 'Credit Talk' started by Genesisgrl, Jul 3, 2001.

  1. Genesisgrl

    Genesisgrl Member

    Does anyone here have any experience with institutional student loans?

    Briefly, I have a loan with a University and the loan defaulted. I wondered if anyone knows if this "private" loan is subject to the same standards as federally backed student loans, i.e., rehabilitation, no SOL on reporting, carte blanche for CA? I've tried to negotiate with the school (who reports to CRA), but they refer me to the CA; and in turn the CA (who does not report), refers me back to the school and that this type of loan is not eligible for rehabilitation. How would this loan be classified - as a student loan or a private loan? I've been making payments to the collection agency since Feb '01. Do I have any way to negotiate this or am I stuck. BTW, this loan was initiated in 1987!
  2. bosco

    bosco Active Member

    Institutional Student Loans

    BUMP! (Two years later)

    I am having the same difficulty. 12-year-old tiny little loan has just surfaced, but there's no way this is legitimate, as they would not have let me graduate if I didn't pay back then.

    I think it's a records mishap, for this to make an apperance so many years later.

    Any chance ERS is the CA?

  3. Melissap1

    Melissap1 Well-Known Member

    Institutional Student Loans

    The only way that I have found that they can go away is special "hardship paperwork" in a chapter 7 bankruptcy. It should still drop off your report 7 yrs after default (when it was sent to CA), so you could dispute with CRA's for the DOLA being incorrect. The loan still has to be paid.

    Everybody that graduates gets a diploma and most of us had some kind of loans to repay.

    By the way I did work study in the financial aid office when I was in college, this guy calls up and wants to pay back some money after 25 years. I spent 3 days in archives before I could locate it.

    good luck
  4. too much

    too much Banned

    If it's not a Federal Student Loan, than it's treated like a normal personal loan, subject to your state's statute of limitations. Unless, of course, your state has some sort of law giving the loan special status.

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