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sherwood j | I'm being sued for a 20 year old student loan. is this legal? |
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sgtpepper2828
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This is very legal and as an added bonus being that this loan is backed by the government they will garnish your wages and take you tax returns until your all payed up. Isn’t it great that they can hold you responsible for your own debt instead of passing it all along to us responsible people? |
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SlimMick
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Student loan debt is a type of debt that's in a class all by itself. From what I understand, there is no statute of limitations or time limit for coming after you for defaulted student loans. It also cannot be included in a BK filing.
If you have not already received an official summons, then you need to determine if they are "really" suing you or if you're dealing with a debt collector that is scaring you with bogus threats. Debt collectors LOVE to scare people with bogus legal threats. If they threaten legal action, per the Fair Debt Collection Practices Act, you have the right to speak with their attorney.
When you are speaking to them and they make a legal threat against you, immediately state the following:
Per the Fair Debt Collection Practices Act, I would like the full name of the attorney who will be taking action against me and his/her license # in the state bar association. I will be calling the state bar association to verify your attorney's information.
If they do not give you this info, the threat is bogus. If they do give it to you, the threat is real and you should proceed with caution.You need to seek legal counsel on this. |
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pappy12a
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Legal and you could be liable for interest
It was a LOAN not a GRANT |
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UNITool
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Sure - the agreement you signed when you got the loan undoubtedly had a clause in it saying that there was no limitation on the time to collect (debt couldn't expire regardless of how long you ignored it). |
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Jenny
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Yea it is. 20 years of interest... YIKES! |
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TotalRecipeHound
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Absolutely, it is legal. Student loans that are guaranteed by the government are payable until death or disability. You can't even discharge them with bankruptcy. They don't just disappear because you choose to ignore them. The worst part for you is that you will also owe penalties and interest. Not too bright.
If your student loan was NOT a government guaranteed loan, then you might have a case for a reduced payment. Not so for the government backed one because bonds sold to cover those 20 years ago are now coming due which is why you are being sued. |
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chatticathie
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Yes siree bob. Don't you know a student loan is the only loan that has to be paid back, no exceptions not even bankruptcy can relieve you from this burden. |
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My Evil Twin
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Yes. Failing to pay your debts, however, is not.
Pay up. |
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knitting bear
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First, yes, you can be sued for not paying a student loan. If it is a government backed loan, you have no real recourse but to pay it. Something most people do not realize is that about 10 - 15% of student loans that are set up through government agencies (i.e. Sallie Mae, etc.) are actually privately backed loans which mean they have no government style recourse (taking tax returns, etc). However, since they are NOT government backed, you can discharge them through bankruptcy. You would have to ask for records from the agency on what kind of student loan it is. Also, death is not an escape from student loans. I work for a deceased account processor & we handle student loans all the time. Your estate is responsible if you died with student loan debt. I just got a $45,000 payment from an estate for a doctor that died 35 years after leaving college because he just never bothered to finish paying off his student loans! |
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grammy
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yess it was a loan not a grant. Wow 20 years did you forget this debt? What is the interest rate? Ouch |
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legaltrademark
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See a lawyer who has experience in this area. Do not sign anything until you've gotten some real legal advice. A lot of the posts here are just wrong or have over simplified things. For example...
1. It is true that the statute of limitations has been removed but I can't see how this could be done retroactively. Signing a repayment plan however would turn it into a new debt and ruin your chances of beating the debt.
2. Some student loans are dischargable in bankruptcy if it would impose an "undue hardship" on you to repay eg. you're disabled or could never realistically pay them back but it is very difficult to prove this.
3. It is true that the interest on such a debt could be enourmous. You need to talk to a real lawyer now. Phone your local bar association for a referral or ask around. You need a lawyer who understands bankruptcy and general business/commercial law. |
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Sgt Big Red
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The statutue of limitations on defaulted student loans was eliminated by the Higher Education Act. Section 484A removes all limitations and gives the Department of Education or the guaranty agency (bank or lender) the ability to file suit, enforce judgments, initiate offsets, or other actions, to collect a defaulted student loan regardless of the age of the debt. Statutes of limitation are no longer valid defenses against repayment of a student loan.
Hope this answer is of help to you
LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice
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Rick B
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Yep.
Pay your debts. |
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nymamiyankee
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sure is...the govenment can come after u until u die for taxes and student loans |
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bendude70
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100% legal my friend... ouch :( |
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281
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Creditors can do anything. They can charge innocent people with debts that arent theirs. Its best to live incognito. |
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Betty
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You're messing with the Federal Government. They'll come after you and there is nothing you can do. Taxes aren't legal.. yet you have to pay them anyway. |
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Crystal M
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Depends on the state. Most things like that have 7 years and then they can't collect on it anymore. |
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