Is there a SOL on student loans from the date of default, or how does that work? If they have a judgment, can they just renew or is there a point they can't try to collect? So if I wanted to pay, or offer a settlement, they couldn't renew the judgment if they didn't like my offer or something?
PS the student loan was acquired and judgment was gotten in a different state than I live in. As a matter of fact I wasn't in that state when they got judgment. My question is then, do I have to go by the laws of that state? (Which is Alaska) in terms of judgment renewal and sol if any exist on student loans there......
As far as I know there is no SOL for student loans. The federal governments rules apply to everyone but themselves.
Government backed student loans have to be paid back. Otherwise they screw your credit, garnish your wages and take your tax returns. And there is no discharging them in a BK either. Signing up for student loans is like selling your soul to the devil.
I do not think it should be impossible to discharge student loans, but I think it should be difficult to discharge them. Why should the government give you a loan regardless of credit just for you to turn around and file bankruptcy and then reap the benefits of the money they loaned you?
Actually, it's a state backed one, so they've never taken my refund or anything like that. I don't want to discharge it OR file bk, I would like to just pay the principal and some interest, but right now the interest alone is double the principal. Does anyone know if a state backed one is under sol,or is a student loan a student loan and they can renew the judgment til doomsday? Granted it's my fault, but at the time I couldn't pay it. Now I can and it's out of control. I want to pay for the same reason I never filed bk when I was drowning in debt. It was my debt (well actually my ex's and mine) and I wanted to pay it, which I did, with no help from him -he gets credit offers at MY address all the time and I'm the one who PAID the debt which helped his credit, it kills me! So before anyone writes me and self-righteously says I should pay my bills, believe me, I know and want to.
What's your rate? My student loans that I'm taking out to pay for school are at 3.5%. Have you thought of consolidating and getting a lower rate. With my student loans I also elected to pay the interest while I'm going to school so it doesn't accrue. You can also check with your state about forebearance.
Re: Re: SOL on student loans? Unfortunately, most states I know of allow a judgment creditor to "revive" a judgment until it is paid. In Louisiana, it can be "revived" every 10 years. If the judgment creditor does not revive the judgment in the allowed time, SOL will apply. I am thinking your only hope is to either settle or hope they slip up and do not revive the judgment.
Re: Re: SOL on student loans? Alent wait another few months before you consolidate. The interest rate is going to drop another .4% in July I believe. That explains all the phone calls you are probably getting right now about consoldiation. I am $117,000 in debt with student loans. Before consoldiation I will be paying $1475 a month at a variable rate. When I consolidate in November my payments will drop to $305 and will be at 3.25% fixed.
Re: Re: SOL on student loans? My loans are only 6 months old and are deferred until I leave school in another 3 years or so. My interest payment is $5.50 a month so I'm not worried about accruing too much interest. My fiance on the other hand has over $60,000 in loans at 8% and has already consolidated a few years ago. I'm trying to tell her to take any class so she can consolidate again.
Re: Re: Re: SOL on student loans? Yea but that 8% rate will be figured in also and will still make the rate kind of high. I definetly will not pass up these rates -- I am just wondering what the banks will do when the rates go back to 8%.
Re: Re: Re: SOL on student loans? Really? I thought it was like a 7 year renewal time frame. Someone called for me and asked if they sell debts and they said no. I want to pay it, I'd just like to not pay half the interest. I know it's my debt, I don't want out of the original debt, but the interest is a soft cost for them, it's phantom so to speak. I called pre paid legal and they are researching the sol for me. I don't know how their collector (who is not harrassing me at all, I get a letter twice a year) would feel if an attorney contacted them to try to settle or if I need to do it.
