Statute Of Limitations On Student Loan Debt | Federal vs. Private Loans

If you've been struggling to pay your student loans for a while (or even worse, in default), you may be wondering if there is a statute of limitations on collecting your student loan debt? Read the full article here: theci.co/statu...
Here's what we're talking about in this video:
▶︎ What is a statute of limitation on debt collection?
▶︎ What is the statute of limitation on Federal and private student loans?
▶︎ Zombie Debt
▶︎ What to do if you have student loans in default
★☆★Resources Mentioned in this video:★☆★
💵 Student Loan Debt Collectors: thecollegeinve...
★☆★ Want More From The College Investor? ★☆★
💻 Check out my blog here: theci.co/theco...

[@tripodurra]

What makes dept of education exempt from federal statutes of limitations? What makes them above the law?

[@geetacc]

Thank you

[@twylabaker20]

I have a student loan that's 30 years old and it went into a lawsuit because the second we signed the school wanted us to go to the bottom of Texas and I lived in Dallas to finish our school we never got the certificates and I've been paying on it it was $3,000 they've seized my income tax check I'm 51 now they've seized every income tax check I've ever had and it's a government student loan $3,000 and I want to know how to make it go away

[@chelsechavez9700]

Collegiate loans directly from the college?

[@Thecollegeinvestor]

Are you meaning a Perkins Loan? Or a private loan? There’s no specific thing as a “collegiate loan” but it usually refers to one of those.

[@kimistreefinster]

How do you know if they are in default

[@Thecollegeinvestor]

You can pull your credit report for free at AnnualCreditReport.com and see the status of the loan. Basically, if you haven't paid in a year, they're in default.

[@chasityflood5256]

Do late payments fall off after 7 years if your student loan is in good standing?

[@Thecollegeinvestor]

Sounds like you’re talking specifically about your credit score. The ding on your credit score will be less and less every year and eventually disappearing after 7 years.

[@hollygolightly7475]

Had a 40 year old loan they threatened to garnish my wages

[@Thecollegeinvestor]

If this is a federal loan, there is no limitation. If this is private, you should probably speak to a lawyer.

[@Thecollegeinvestor]

@@josephinemarie5883 Texas is 4 years. But you should consult a lawyer in your state to confirm.

[@hollaatchaboi378]

Ain't gonna lie got distracted by her beauty