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  1. #1
    Almosthome Guest

    Default The Statute Of Limitations For Student Loans

    Quote Quoting LawResearcherMissy
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    There is no statute of limitations for collecting on a loan.

    Sallie Mae legally owns your loan. You are obligated to pay Sallie Mae, regardless of who owned your loan previously.
    Hi - this is a pretty broad statement. Do you mean there is no SOL for any student loan or one that is just backed b the Fed. Gov. or some agency?

  2. #2
    Almosthome Guest

    Default Re: Hey Texas

    Quote Quoting Justmy2cents
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    I'm confused and angry. If these were truly private loans that were bankrupted back in 1994 they should remain bankrupted. The law that eliminated private student loans from bankruptcy did not become effective until 1998. Furthermore Sallie Mae was a govt agency collecting only federal loans until about 2000 when they went private. Of note, since Sallie Mae went private their profits have skyrocketed. See studentloanjustice.org.

    I have the same problem as you with one after another collection agency calling me for very old private student loans. I send the cease and desist letter with a demand for validation. They never respond. But every 6 months a new agency appears. My loans are too old to appear on my credit report. I have maintained that private student loans are subject to your state's statute of limitations but no one has ever responded to my argument with any concrete evidence or case law to refute it. My thoughts are if they could collect this debt they would have sued me by now. But they haven't and it just goes through the dark underworld of the collection agencies. I guess I will keep sending cease and desist letters and checking my credit report forever. I have even dared the collection agencies to sue me in my letters but they don't. So I think they don't have the legal right to collect these debts and are trying to intimidate and harass me into paying. I will not give in and I hope you don't either!
    If the loans were discharged, then attempting to collect on them is a violation of the permanent injunction under sec. 362 of the bankruptcy code. But I believe that an adversary action to determine dischargeability had to have been filed in the bankruptcy case to be discharged. Was it? If so, send a copy of the discharge to the creditor and tell them that next time you will seek sanctions for violating 362.

  3. #3
    Join Date
    Mar 2005
    Location
    Michigan
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    28,906

    Default Re: Is A Private Student Loan Backed By Hemar Subject To Statute Of Limitations

    Quote Quoting Almosthome
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    Hi - this is a pretty broad statement. Do you mean there is no SOL for any student loan or one that is just backed b the Fed. Gov. or some agency?
    I think that was already covered:
    Quote Quoting Mr. Knowitall
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    I understand that Hemar is a subsidiary of Sallie Mae, and that they do act as a guarantor under an agreement with the Department of Education, such that their loans are non-dischargeable.

  4. #4
    Almosthome Guest

    Default Re: Is A Private Student Loan Backed By Hemar Subject To Statute Of Limitations

    Quote Quoting aaron
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    I think that was already covered:
    Not really - my question concerns non-federally backed loans. SOL for them?

  5. #5

    Default Re: Is A Private Student Loan Backed By Hemar Subject To Statute Of Limitations

    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.

  6. #6
    Almosthome Guest

    Default Re: Is A Private Student Loan Backed By Hemar Subject To Statute Of Limitations

    Quote Quoting Rosa19
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    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.
    That makes sense. But how to research? If the loan were federally backed it should be disclosed in the loan docs, right?

  7. #7
    Join Date
    Mar 2008
    Posts
    6

    Default Re: The Statute Of Limitations For Student Loans

    Inasmuch as the federal and state SoLs don't apply to student loans, how about "laches"?

    Laches being a rule governing whether courts exert themselves on behalf of a plaintiff who have waited an unreasonable time before filing suit. Unlike SoL, laches was never expressly abolished by Congress and being a right exercised for the court's convenience and not the debtor-defendant, it would seem that still might be available.

    Anyone ?

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