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Information on Statute of Limitations for Student Loans - The Bills.com Blog
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Information on Statute of Limitations for Student Loans
Tuesday, Apr 7, 2009
Question: If I took out a student loan 10 years ago and haven't paid it off yet, do I still have to pay it? what is the statute of limitations for student loans?
Answer: The bad news: Due to changes in federal laws in 1998 and 2005, collection on student loans now have no statute of limitation and - with very limited exceptions - can no longer be erased though bankruptcy. (For details on the exceptions, visit the Department of Education’s website .The good news: There are many, often flexible, options available for student loan resolution. Depending on the specifics of the situation, student loan borrowers may be eligible for programs that offer extended repayment periods, modifications that are income-sensitive (salary based), or graduated (starting small and rise over time).
Some plans also offer possibility of "rehabilitating" a defaulted loan, so that some or all negative information about the loan is expunged from the borrower's credit report if certain criteria are met.
A good place to start your search is with the US Department of Education. You can find information on addressing your student loan debt on their website at: www.ed.gov . Options for addressing
A good place to start your search is with the US Department of Education. You can find information on addressing your student loan debt on their website at: www.ed.gov . Options for addressing
your student loan debt can also be found at Bills.com. Visit http://www.bills.com/student-loans/ where you will find a wealth of information and links to sites covering a wide-range of student loan related issues, as well as our Saving Center tool where you can apply online to be matched with a Bills.com pre-approved provider specializing in student loan repayment solutions.
Good Luck,
Bill
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Good Luck,
Bill
www.bills.com/blog/
Also, make sure to get a free financial health check-up with Bills IQ!
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