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Home > Reader Questions > Will the Obama Program Forgive My 30 Year Old Student Loan? – Johnny

Will the Obama Program Forgive My 30 Year Old Student Loan? – Johnny

vetern wiyh disability pension as only means of providing for family of 4 including wife as my care and attendant,i am a parapalegic hopefully service connected,in the va appeals court now.i have a 15yr girl and 16yr boy.i am a air force vietnam vet,serve 72 to 76.

when i got out of the service i got a student loan with my gi bill with the understanding if i employed in the area for 1 to 5 yrs it would be forgive,but reagan stopped that.so when it finally caught up with me my $2500 loan was $10000 and now the newest credit agent has me at $21000.i thought this obama program would forgive my 30 something year old student loan.will it?

Johnny

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Will the Obama Program Forgive My 30 Year Old Student Loan?   Johnny
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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Tina

    I wish that I had an answer for you.  I believe that the loan would have had to have been after 2007 and paid minimum on time for 20 years.  Not certain, but that is what I think!  Hope that helps and that someone can help you!!

  • http://www.facebook.com/profile.php?id=100000138289818 Aixa Mendez

    My student loan is 31 years old, and the IRS keeps my tax returned monies every year since 10 years ago. Is there a way I can contest the IRS for doing so? Should an old loan more than 20 years forgiven? Athough I have been unemployed at some point during these last 10 years, the IRS still took my monies. Any lawyer interested?
    Aixa

  • DG

    Johnny,

    If your student loan is 30 years old, I would ask the company to produce evidence you owe the debt AND that they own the debt. I would argue that if they cannot produce your promissory note AND prove that they own the debt- you don’t owe anything to them. Why would you pay a company that cannot prove they own it? Someone else can come try to collect from you. Furthermore, without your agreement to pay, I think you could sue them in court and get a judgment to withdraw their debt claim against you (so that you can then use that to send to the credit reporting agencies).

    Also, I would ask for proof of the terms of the loan itself. 30 years sounds like too long. I think the Federal Govt. limits the duration for student loan re-payments– not sure.

  • DG

    Johnny,

    If your student loan is 30 years old, I would ask the company to produce evidence you owe the debt AND that they own the debt. I would argue that if they cannot produce your promissory note AND prove that they own the debt- you don’t owe anything to them. Why would you pay a company that cannot prove they own it? Someone else can come try to collect from you. Furthermore, without your agreement to pay, I think you could sue them in court and get a judgment to withdraw their debt claim against you (so that you can then use that to send to the credit reporting agencies).

    Also, I would ask for proof of the terms of the loan itself. 30 years sounds like too long. I think the Federal Govt. limits the duration for student loan re-payments– not sure.

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