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  1. #1

    Default Private Student Loans in Collections

    I graduated four years ago from a private university in Ohio and the only way to continue my college education was by taking out private education loans. I am currently employed but have been in financial hardship since graduation. I recived a threatning phone call while at work stating that if I did not pay the sum which is 77k that they would garnish my wages. I have stated that I would like to repay these loans but I currently do not have any extra money to pay towards that debit. What is the SOL in Ohio? What rights do I have? Any suggestions? Currently another expense to my budget is going to threaten having a place to reside.

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Private Student Loans in Collections

    If these are federally guaranteed student loans, there is no limitations period on collection. Are they?

  3. #3

    Default Re: Private Student Loans in Collections

    I am not sure if they are federally guaranteed? I know that they are through Sallie Mae.

  4. #4
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Private Student Loans in Collections

    Sallie Mae loans are probably federally guaranteed.

  5. #5

    Default Re: Private Student Loans in Collections

    What are my rights? I am not sure waht to do. I don't make enough to make the pymts they want I make too much for economic hardship. I am in comission sales position where income fluctuates month to month.

  6. #6
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Private Student Loans in Collections

    If the loans are federally guaranteed and not subject to a statute of limitations, you can try to negotiate a reduced payoff and/or payment schedule, but the loans won't go away by themselves.

    If they are not, and are subject to a statute of limitations, you can see if the lender lets the limitations period expire, or (as with guaranteed loans) try to negotiate a reduced payoff and/or payment schedule. (You should expect that entering such an agreement will reset the statute of limitations.)

    Lenders do not have to agree to reduce the balance owed.

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