I have a student loan directly from my university. It is not a federal loan or insured by any federal agency. It has not been bought by any government agency, consolidated, etc. It is, and has been, in default. Once it has been negative for 7 years, must it be removed from my report? Or is ANY student aid under special rules?
IMHO all negative information must be removed from a CR after the 7yr (+180 day) time has passed This has no bearing on the ability for the creditor to collect on the debt, from what I understand student loans are collectible "forever" no SOL (I'm not sure if this apples to "private loans" I know it applies to Federally guaranteed loans)
A private student loan is just like any other loan - same statute of limitations and same reporting periods. After 7 years, its gone. The ones that are a pain are the federally insured student loans - because Congress empowered the Dept of Ed to use some serious muscle to recoup their losses if you default.
I received a statement (no explanation) saying I owed my old college $1000.00 I sent back a letter and said I needed more information, requesting validation of the debt. They sent me a letter saying it was a private loan I took out in 1982. This is the first I heard from them. I sent them back a letter stating the SOL on the debt, which I do not remember taking out. I haven't heard any more from them, so you will probably be okay. My guess is they are just fishing to see if you will pay.
