No SOL for TERI loans?

Crusader · #1 10-23-2006, 03:57 AM

I am new here but I have dealt with student loan problems for many years.
I have read here that TERI private student loans do not have an SOL because they have some agreement with the Secretary of Education. This is contrary to the research I have done. Where can I find this agreement? Other websites have stated that an SOL does apply to TERI loans including one person who actually litigated with them. Why is there no case law on this issue at least at the appellate level?

I understand how the govt wants to recover its own guaranteed loans. But why would the law allow a private lender to collect forever on what is in all essence a private commercial bank loan that is based on the applicant's credit history and charges full market interest rates? These TERI loans were marketed to the student as a PRIVATE student loan and were made by a commercial bank. The promisory notes do not mention TERI except briefly and do not say they are a non-profit. Maybe the newer loans are different.

TERI seems to be very good at hiding the truth. Why are they suddenly becoming so aggressive at collecting loans from 10 years ago or older?
Are they really exempt from the SOL or are they worried that the truth is coming out and they want to collect as much as they can? If anyone cares most of the TERI execs have made HUGE raises and bonuses in the last few years. That is just great for a non-profit who backs student loans and if there is no SOL on these is just making easy money from a PRIVATE loan thanks to the US govt. Something is WRONG here!

Mr. Knowitall · #2 10-24-2006, 08:03 AM

The government has determined there to be a strong public policy in favor of having students repay their guaranteed loans.

TERI has become more aggressive due to changes in the law which help them collect the old debts.

If you have found a lawyer who thinks he can find a way for you to avoid paying back your loans, consider hiring the lawyer.

Justmy2cents · #3 07-20-2008, 07:42 AM

Its all BS. There is an SOL for TERI loans and it is your state's SOL unless you agreed to a different state SOL by the prom note. Even so with the agreement by the papers I doubt it is enough for you to mess with them. Eat shit and die you morons! They CANT collect if you send the requisite written demand for proof of debt. Their CAs are stupid and will violate many laws trying to collect these debts from you. Sue them and get some satisfaction from these dumbasses