I Never Made Any Payments on My Private Student Loans


Dear Steve,

I never made any payments on my private student loans. The interest rate is 14%. It’s been sold many times, they haven’t sued me and I would like to know what the statute of limitation is, also how to file bankruptcy and get them off that way.

This has been an ongoing issue for many years and my interest is now more than my principal and it just keeps getting worse. I contacted Navient and they told me I could make monthly payments of hundreds of dollars but I’m not working and don’t receive income.

I contacted my local Senator and asked them. They told me to file a complaint and have their office monitor it but that doesn’t help me get out from under this loan. I can’t go back to school or do anything because of it.

I also have two grant loans I need to pay off but they are federal and much much smaller. Please help!

How do I know if the statute of limitations has passed?

How can I file bankruptcy and get them taken off my credit?

What can I do?



Dear Nicole,

On the federal loans, you should contact your servicer for assistance. Don’t put them in forbearance or deferment. If you are struggling to make those payments then one of the Income-Driven Repayment plans might be worth researching.

On the private student loan front, the only way you can tell if you are legally outside the statute of limitations would be to meet with an attorney that is licensed in your state. Determining events that might postpone or delay the date is not a clear cut as people would hope.

Even if the debt is outside the Statute of Limitations that does not prevent you from being sued. It’s an argument you can raise when you are defending yourself from the suit.

See also  Private Student Loan Lender Says They Are Going to Garnish My Social Security Check. - Kitty

Private student loans can be eligible for discharge in bankruptcy. It’s not clear cut since many attorneys don’t have the experience in dealing with them. But you should read this post.

If you can’t afford your private student loans here are some good points to consider – Top 10 Reasons You Should Stop Paying Your Unaffordable Private Student Loan.


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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.
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