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Old 03-17-2002, 06:49 PM
JBrannon
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Unhappy

Student Loan

i need help concerning a student loan i took out in the mid 80's. i have not heard a word concerning collection of this debt since '92 and now have a collection agency demanding payment. is there a default time limit of notice of debt or a statute of limitations concerning this type of loan. any help resolving this would be appreciated. thank you......
  #2  
Old 03-17-2002, 07:06 PM
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Join Date: Jul 2001
Location: California
Posts: 1,154
It appears you are seeking some way to avoid paying your debt. Save yourself a lot of grief and call up the CA and set up a payment plan or ask how much they will settle for if paid in a lump sum.
I suppose it never occured to you to take the initiative in repaying the loan.
Last edited by vrzirn; 03-17-2002 at 07:09 PM.
  #3  
Old 03-18-2002, 12:05 AM
skwirl
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Unfortunately a student loan stays with you for life. It may drop off your credit report after seven years but there is no escape. If you are ever eligible for a federal income tax return you can say goodbye to that. I would suggest setting up a repayment schedule and pulling it out of default. It will show on your credit report as a positive after repaying for six months.
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