SOL Always Six Years For Student Loans Not Guaranteed?
Hello,
Note: I originally began a thread in the bankruptcy section, without knowlegde that there was a dedicated student loan section.
I have used the search function to answer my question to no avail....so I am opening this up to your infinately intelligent minds
I have several private loans that I obtained while attending foreign school. The school is not a Title IV school (is not allowed to have Staffords and so on). So to answer those questions "is it federally guaranteed???" No, these came directly from the lender with no federal guarantee.
I have seen a lawyer and asked about the statute of limitations for student loans. She stated that the loan is subject to the SOL of six years regardless of where I live. Is this something new? I thought it depending on which state I live in or in some cases where the lender originates.
She said this is now the rule to prevent people moving to different states with lower SOL.
Kind of wierd!
Re: SOL Always Six Years For Student Loans Not Guaranteed???
for some reason that does not make sense. While a few states have shorter SoL's than 6 years, many are right around that point and several have SoL's much longer than that.
Can;t say with any authority but it doesn;t ring true to me.
Re: SOL Always Six Years For Student Loans Not Guaranteed?
I don't know anything about always 6 years SOL for student loans.
Sometimes creditors have the choice of using the state where the loan originated (where contract was signed) or the state where the debtor lives whichever has the shorter SOL.
Re: SOL Always Six Years For Student Loans Not Guaranteed?
Quote:
Quoting
orangecrush
Hello,
I have several private loans that I obtained while attending foreign school. The school is not a Title IV school (is not allowed to have Staffords and so on). So to answer those questions "is it federally guaranteed???" No, these came directly from the lender with no federal guarantee.
I have seen a lawyer and asked about the statute of limitations for student loans. She stated that the loan is subject to the SOL of six years regardless of where I live. Is this something new? I thought it depending on which state I live in or in some cases where the lender originates.
She said this is now the rule to prevent people moving to different states with lower SOL.
Kind of wierd!
By Foreign school, do you mean outside the US??
I have also never heard of a "universal" 6 yr SOL, unless it has something to do with Federal loan laws for international schooling??
Ask the attorney for a legal citation/statute!!