I am new here from the beautiful state of Colorado and I dont want to ruffle any feathers. However I have read posts here regarding the SOL and private student loans. It seems that the impression has been made here that private student loans are not subject to any SOL. I understand the statute that has been quoted which says any student lender who has an agreement with the govt has no SOL on their student loans. 20 USC 1091(a). My beef is with private lenders such as TERI who are clearly private lenders. Even if they have an agreement with the govt for any federal based loans this does not make their purely private loans such as Law Access subject to the no SOL law. I challenge anyone to provide a case citation which proves me wrong.

It is interesting that I read a document re the proposed selling of student
loans on the securities market and this document stated re TERI loans:

"TERI, as a Guarantor of Private Loans, is not entitled to any federal
reinsurance or assistance from the Department. Although TERI maintains a loan loss reserve intended to absorb losses arising from its guarantee commitments, there can be no assurance that the amount of such reserve will be sufficient to cover the obligations of TERI over the term of the Financed Private Loans. Based upon the Rating Agencies' assessment of TERI's financial position, reserves and potential claims against it, the Seller has structured the Trust and the Securities assuming that TERI will not have the financial resources to satisfy all its obligations under its Guarantee Agreement with respect to the Financed Private Loans throughout the term of such loans."

My conclusion from this is that TERI is suffering from many defaulted loans and is desperate to intimidate and otherwise harass people into paying what they cannot afford in order to keep this so-called non-profit alive. If I owed a TERI student loan and it was outside my state's SOL I would definitely be talking to a lawyer. Dont let their hired collection agencies scare you. They are relentless but you can win if you know what to do.

Justmy2cents