I read that there is no statute of limitation on federal student loans. But what about private student loans that are not federally issued or insured? Some say yes, while others no and to treat it like a written contract subject to state statutes. Which is it? Does anyone have any specific link or reference? Thanks
Thanks lbrown59 for responding. So to be clear: Yes, Loans direct from the university to the student are subject to SOL. Correct?
Re: Re: SOL on private vs federal stud loan You can get loans for studs? Sorry, just having a silly moment - I'll go stand in the corner now.
Re: Re: Re: SOL on private vs federal stud loan I suppose you could borrow one if you're desperate enough. LOL ><- <>- ><- <>
The US Code is very specific about the types of educational loans that that do not have an SOL. Not all university loans fall within the Code's definition. See: US CODE TITLE 20 > CHAPTER 28 > SUBCHAPTER IV > Part F > Sec. 1091a. Statute of limitations, and State court judgments http://www4.law.cornell.edu/uscode/20/1091a.html The funds must come from the Federal Family Education Loan Program, the William D. Ford Federal Direct Loan Program, the Federal Perkins Loans and certain types of grants and work assistance. HOWEVER - your individual state MAY afford other types of educational loans more protection.
