I currently have a private student loan that originated back in 2002. The interest is now more than the principal.
The collection agency is threatening to sue but the statute of limitations for my state is 6 years, its been 8. Can they still sue? Any help/advise would be greatly appreciated.”
Unfortunately this isn’t as clear cut as you’d hope.
If this loan was truly private and did not involve the government at all and had no underlying guarantor from a government program that it sounds like it would not be subject to an infinite statute of limitations like federal backed student loans.
You will really need to check with an attorney licensed in your state for specific legal advice regarding your particular loan and the appropriate statute of limitations that applies.
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.Is My Private Student Loan Subject to the Statute of Limitations? by Steve Rhode