Teacher in OH- took out a student loan for $7500.00 in 1981. I thought that a law came into effect years ago stating that if by 2003 ( I believe that was the last date) your student loan in oh was at least 20 years old , that the statute of limitations expired. My SL is now about 35 years old. I have in the last couple years received paperwork from yet another agency ( it has been bought and sold at least 10 times-) I can’t keep up with who is who and the amounts are all different, stating that I owe them 23k. This is showing in my credit reportand affecting my scores seriously. I have called the companies several times and even sent proof of my originial loan. They either respond that the loan is collectible or not respond at all.
Based on the sforementioned what should I do?
Thank you for all the advice and help you give to everyone.
I am not aware of any such regulation. However, if this is an Ohio rule then you should consult with a local attorney that is licensed to practice law in Ohio.
Is this a federal student loan and when was the last time you made any payments on the loan?
A quote in a 2012 Columbus Dispatch article continues to indicate there is no such statute of limitations on federal student loans.
If you think the student loan you took out years ago but never repaid won’t come back to haunt you, think again.
The debt could land you in federal court, pleading your case before a U.S. district judge.
“There’s no statute of limitations on student loans,” warned Assistant U.S. Attorney Deborah F. Sanders. “That debt is growing, and you still owe it.”
Sanders handles the student-loan default cases that come through the U.S. attorney’s office for the southern half of Ohio. Her office is pursuing about 400 cases. – Source
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