Yes state SOL laws apply to private student loans that are not made under the loan programs specified by the relevant federal statute. You need to research the particular program that your loans were made under to determine your particular case. Private student loans are just like any other consumer loan, other than the fact that they are generally non-dischargeable in bankruptcy.
It might be listed in the loan documents, or it might not. You might ask the school financial aid office where you attended if this is a federal loan or not and go from there.
Well, simply put, they're saying it is, I say it's not and they have not provided anything to support that it is. I was trying to muddle through the regulations to see if there is a disclosure requirement - I expect there must be one but I may be wrong. If it's a federally backed loan, the borrower is on the hook, if not, the creditor is barred by the State SOL - so that's where we are - a Mexican standoff as it were.
20 USC Sect. 1091-a(a)(2) preempts State limitations periods in suits where a guaranty agency (within the scope of 1091(a)(2)(B)is seeking repayment of a student loan MADE UNDER part B of 1091(a)(2)(B),( ie., on behalf of the US Dept. of Ed.). This section, therefore, does not apply for private "guaranty agencies" collecting on their own behalf. See, Education Resources Institute (TERI) v. Piazza, 17AD3d 513 (2005)(Supreme Court of State of New York); HEMAR v. Ryerson, 108 S.W.2d 90 (2003) (see also same case on appeal in MO in 2006). THe National Studen Loan Database (FSA) lists only the loans covered under the HEA in which Sect. 1091 applies. Call 1-800-433-3243 if you do not have access to the NSLD. Also check your credit report to see if the US Dept. of Ed is the holder.
This is very very helpful, thank you, but I still would like to know whether there is a disclosure requirement for the loan to be federally backed. Again, the creditor says it is federally backed, but offers nothing to support the claim that it is federally backed, I say it is not federally backed and cannot find any mention at all in the loan documents of it being federally backed. I tried to check the database on line to see if it's there but I have no PIN. The loans are so old (1991) that I did not get a PIN so that is no help. A collection agency on behalf of the school and the school itself are trying to collect on the debt and work out a deal before it assigns the account to the Fed. Gov't. There is no mention of it at all on my credit report. Although I do not have the answer yet, your info is very helpful. THank you.