How Does My Daughter Get Her Time-Barred Student Loan Debt Off Her Credit Report?

Question: Dear Steve, My daughter was unable to pay her private student loan and the statute of limitations will soon run out on her loan. So after the statute of limitations runs out can she get the debt wiped off her credit rating and how does she go about doing that? Eloise Answer: Dear Eloise, … Read more

Is Defaulting On My Private Student Loans My Only Choice After a Divorce Where My Ex-Husband Cosigned?

Question: HELP!! I am currently about $400,000 in debt with student loans. Let me start at the beginning. My federal student loan debt was used to acquire my undergraduate degree while staying at home and raising my new born son. I’m fine with this. Apx $100,000. I married shortly after that and my husband decided … Read more

I Haven’t Paid My Private Student Loans in Six Years

Question: I am currently in a massive amount of debt. I currently make 52k a year before taxes and my wife is currently unemployed. I have around $50k in private student loan debt that I have been paying for the past 6 years. I am currently 6 months behind on payments for these loans. I … Read more

I Got Sued Over An Old Debt and Lost on My Statute of Limitations Argument

Question: Dear Steve, I live in Ct. I opened a credit card account here. I had a medical emergency and defaulted on the loan. The last payment received was on 10/05/11. The loan was charged off by the Banking Entity Headquartered in Delaware and purchased on by a Debt Buyer/collection agency headquartered in NY. The … Read more

Does the Statute of Limitations Protect Me From My Co-Signed Student Loan?

Question: Dear Steve, I was the co-signer for a student loan for my daughter. I made the last payment in June 2014. The loan has been sold several times. I live in Maryland and a collection agency who bought the loan is trying to sue me. I haven’t been officially served but it’s been filed … Read more

My Private Student Loan Was Charged Off. Should I Just Ignore It?

Question: Dear Steve, I defaulted on my Navient/Sallie Mae private student loan and I just found out that they have closed the account and charged it off as bad debt as listed on my credit report. My private student loan was closed and charged off. I’m assuming they have turned it over to a collection … Read more

I’ve Never Paid My Private Student Loans and Want to Get It Off My Credit Report

Question: Dear Steve, I know I am not the first in this situation. In 2005-2007 I took out private student loans before I realized that you could file FAFSA and it would do the work for you. After that realization I took out Federal Student loans. My federal student loans are in good standing, however … Read more

Shouldn’t These Old Student Loans Fall Off Our Credit Report?

Question: Dear Steve, My husband has an $18,000 collection on his credit report resulting from a defaulted private student loan opened in 2009 while attending The Art Institute of Las Vegas. The statute of limitation in Nevada is 7 years, and it’s our understanding that this collection account may fall from his credit report after … Read more

Did the Statute of Limitations Expire for Debts Not on My Credit Report?

Question: Dear Steve, I am getting calls and letters about loans that were signed for in 2003 and 2004. Wouldn’t these loans be passed the SOL. How does bankruptcy affect statute of limitations? Does it start the clock back at zero in regards to time you have to pay it? What if I am getting … Read more

Why Haven’t My Parents Been Contacted Over the Defaulted Private Student Loans

Question: Dear Steve, Our situation is a little complex, so please bear with me as I try to explain. My parents who currently reside in MD are legally responsible for a large, defaulted private loan that was originally in my ex-wife’s name many years ago when we lived in Rhode Island. In the early 2000’s, … Read more

I Cosigned for Student Loans From International Academy of Design and Technology And I’m Stuck

Question: Dear Steve, I co-signed for my daughters school loan. Private and government loans. I went bankrupt in 2009 and lost everything my home everything. Sallie Mae had the loans at the time. I sent certified to ask for Hardship forgiveness and all the loans were named in BK. Under to law that I see … Read more

Trump Skewers West Virginia Consumers by Changing Law

Senator Trump (R), who is also the Chairman of the Judiciary Committee, proposed Senate Bill 563 which was recently enacted by the legislature in West Virginia and signed into law on April 21, 2017. The new law strips West Virginia consumers of protections and appears to be a naked attempt to skewer the citizens of … Read more

When Will My Sallie Mae Tuition Answer Loans Become Uncollectible?

Question: Dear Steve, Thanks for all your work and info. I am trying to determine the SOL on my loans have defaulted with last payment date in 2010 but I believe got put into deferment then last activity reports in 2012. I am wondering if you have any new info on the SM Tuition Answer … Read more

Public Service Loan Forgiveness Program Teters With Unmitigated Disaster

The Department of Education since 2007 has promoted the Public Service Loan Forgiveness Program. I’d certainly mentioned it a lot here and here. A very interesting lawsuit was filed by the American Bar Association in December 2016. The issue raised isn’t an Obama or Trump administration thing but the view of the Department of Education … Read more

When the Statute of Limitation is Shorter Than You Think Will Surprise You

Question: Dear Steve, Not a question, just a fyi about Ohio Supreme Court case from 2016, Taylor v. First Resolution Investment Corporation. SLIP OPINION NO. 2016-OHIO-3444. This case has 5 important components for CC holders in Ohio: 1. The SOL of CC debt is NOT reset when a debtor makes an agreement to restart or … Read more