Question: Dear Steve, I went to Penn state from 2012-2015 and gained a HUGE $100,000 of debt (now at $80,000). Initially, I had probably seven different types of loans. When I applied to PSU, I was out of state, applied for FAFSA, 60 or so scholarships, and all the financial aid I could get. Well, …
According to a recent report by the Institute for College Access and Success (TICAS), the 2020 class of college graduates has amassed $136 billion in private student debt. When this amount is added to the total student debt from federal student loans–about $1.8 trillion, Americans are on the hook for almost $2 trillion in student …
On August 4, 2021, SoFi published an article called “Is There a Statute of Limitations on Debt?” (https://www.sofi.com/learn/content/statute-of-limitations-on-debt/). Most would agree that the simple answer is yes because they assume the author is actually referring to lawsuits on debt, not the debt itself. For example, as correctly pointed out in the article, the expiration of …
Prentiss Cox, Judith Fox, and Stacey Tutt are professors of law at various law schools. They’ve taken a look at our very broken private student loan system in America and presented some needed changes to help provide relief for consumers. Their published paper begins with: “Private student loan borrowers arguably have the fewest protections of …
Question: Dear Steve, I went to a for-profit school, over 10 years ago and in the process took out private loans. Since then, I have been contacted by a debt collector who I wasn’t aware I did not have to pay (the debt was over 10 years old and was beyond the statute of limitations). …
Question: Dear Steve, Being sued for private student loans. Paid on them for 11 years balance never went down. Say I owe 4 loans totaling $8937.49. Family of four only makes $31,325 a year and has 2 special needs daughters. My husband is our primary income. I work as an independent contractor for DoorDash and …
Question: 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 …
Crocker v. Navient Solutions, a recent Fifth Circuit decision, is a small win for student-loan debtors. Essentially, the Fifth Circuit ruled that a private student loan obtained to pay for a bar review course is dischargeable in bankruptcy. (The opinion also includes extensive analysis and ruling on a jurisdictional issue, which will not be discussed …
Question: Dear Steve, Hi I’m 37 years old and have over 100,000 dollars in private student loans that my sister co-signed with me on she passed away a long time ago and I have noticed that after defaulting on the student loans for over ten years the loans do not show up on my credit …
Question: Dear Steve, I took out private student loans and I am still in school. Up until last year, I was able to make the payments but I only had a part-time job and paid what I could. Now I get a letter informing me that my private student loan is at risk of causing …