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  1. #1
    Join Date
    Apr 2008
    Location
    on planet earth
    Posts
    5

    Default 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!

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default 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.

  3. #3
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default 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.

  4. #4
    Join Date
    Aug 2007
    Posts
    3,835

    Default Re: SOL Always Six Years For Student Loans Not Guaranteed?

    Quote Quoting orangecrush
    View Post
    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!!

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