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  1. #1
    Join Date
    Apr 2012
    Posts
    2

    Default Private TERI Loan Statute of Limitations

    My question involves collection proceedings in the State of: Florida
    I got a private teri loan in 2005 . I got served court summons a few weeks ago. I went to a lawyer..he only motioned to have case dismissed based on the fact they sent no copies of any contracts..but what I've been reading on this forum it looks like there is a sol so why didn't this lawyer tell me that? I havent even heard from this loan company in at Least 3 or 4 years. Can anyone tell me why the lawyer woulnt of mentioned the sol? He didn't even ask me when I last heard from them I have never had money to pay hem anything due to health problems and couldn't do the work I went to school to do. Thelawyer Did say they usually win these cases and my wages will most likely be garnished. I am very confused after reading all these posts here now. Please reply asap.

  2. #2
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: Private TERI Loan Statute of Limitations

    A TERI education loan is not subject to statute of limitations. Nor is it likely to be discharged by bankruptcy.

  3. #3

    Default Re: Private TERI Loan Statute of Limitations

    It's quite possible that your lawyer was under the impression that private student loans do not have a statute of limitations. The reality is that these private loans do fall under your state's statute of limitations laws. You need to confront your lawyer about this. Depending on what state you live in, the SOL may or may not have expired.

  4. #4
    Join Date
    Sep 2005
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    98,846

    Default Re: Private TERI Loan Statute of Limitations

    Per federal law, even a private student loan may be exempt from state statutes of limitation.
    Quote Quoting 20 U.S.C. § 1091a(1). Statute of limitations, and State court judgments.
    (a) In general

    (1) It is the purpose of this subsection to ensure that obligations to repay loans and grant overpayments are enforced without regard to any Federal or State statutory, regulatory, or administrative limitation on the period within which debts may be enforced.


    (2) Notwithstanding any other provision of statute, regulation, or administrative limitation, no limitation shall terminate the period within which suit may be filed, a judgment may be enforced, or an offset, garnishment, or other action initiated or taken by -

    (A) an institution that receives funds under this subchapter and part C of subchapter I of chapter 34 of title 42 that is seeking to collect a refund due from a student on a grant made, or work assistance awarded, under this subchapter and part C of subchapter I of chapter 34 of title 42;

    (B) a guaranty agency that has an agreement with the Secretary under section 1078 (c) of this title that is seeking the repayment of the amount due from a borrower on a loan made under part B of this subchapter after such guaranty agency reimburses the previous holder of the loan for its loss on account of the default of the borrower;

    (C) an institution that has an agreement with the Secretary pursuant to section 1087c or 1087cc (a) of this title that is seeking the repayment of the amount due from a borrower on a loan made under part C or D of this subchapter after the default of the borrower on such loan; or

    (D) the Secretary, the Attorney General, or the administrative head of another Federal agency, as the case may be, for payment of a refund due from a student on a grant made under this subchapter and part C of subchapter I of chapter 34 of title 42, or for the repayment of the amount due from a borrower on a loan made under this subchapter and part C of subchapter I of chapter 34 of title 42 that has been assigned to the Secretary under this subchapter and part C of subchapter I of chapter 34 of title 42.


    * * *
    TERI did not issue your loan, but is a nonprofit guarantor of your loan. Some loans issued to students aren't actually qualified as "student loans" under the statute, see 20 U.S.C. § 1078(a)(2)(C), and if that's the case the limitations exemption does not apply.

  5. #5
    Join Date
    Apr 2012
    Posts
    2

    Default Re: Private TERI Loan Statute of Limitations

    I don't understand your reply who can I contact to find out this information?

  6. #6

    Default Re: Private TERI Loan Statute of Limitations

    The excerpts bolded in the response by Mr. Knowitall indicate that TERI's loans would be exempt from the SOL if they were made under "part B of this subchapter..." The fact that TERI is a guaranty agency that deals with the federal government is not enough to suggest that all TERI loans are exempt from the SOL. As the statute states, the loans in question must have been made under "part B of this subchapter..." in order to be exempt from the SOL. The subchapter in question can be found here: http://www.law.cornell.edu/uscode/te.../subchapter-IV

    As you can see, Part B of that subchapter governs FFELP loans, which are federal loans. If this is not an FFELP loan, or another federal loan, it would not be exempt from the SOL per the statute posted above. The issue is not whether the loans are classified as "student loans" under 20 USC 1078, but whether the student loans in question are exempt per the statute that Mr. Knowitall posted above.

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