Statute of Limitation

[Guest jdsnappy]

A CA has validated a student loan of mine from 1996 that I did not remember anything about. This is not a Federal but a State loan from the Massachusetts no interest loan program. I am wondering since this is a state and not a federal loan if this is past SOL. So far the only thing information I can says that only Federal guaranteed student loans have no SOL. Anyone have any ideas?

 

Thanks

[LynnInMN]

A CA has validated a student loan of mine from 1996 that I did not remember anything about. This is not a Federal but a State loan from the Massachusetts no interest loan program. I am wondering since this is a state and not a federal loan if this is past SOL. So far the only thing information I can says that only Federal guaranteed student loans have no SOL. Anyone have any ideas?

 

Thanks

 

 

A state guarantee is the same as federal....it is still public debt and thus no SOL.

[Guest jdsnappy]

Very much what I thought. Thank you!

[hookem74]

I've had the same exact thing happen to me!!! Probably the same bottom feeding CA too!!! Same no-interest loan from the state of Massachusetts. I thought I had consolidated all of my student loans back in 2002. After research, I found out this type of loan could not be consolidated after looking on the Mass Board of ED website. If a state loan is federal, then why can't this federal loan be consolidated? Anyway, I have never had this tradeline listed on my reports? However, the collection agency that has listed this loan on my credit report has really stretched the dates for reporting. I called the number listed for this collection and spoke with the servicer of the loan. They told me I needed to speak with the CA that holds this account. I did get from the servicer that this loan was taken out in 1995! I graduated college in 1998 and the CA lists the "date open" being February 2002? Shouldn't this loan have been defaulted within the first year or so after graduating college if I never made a payment? This has just been added to my reports within the past two or three months!!! How has it been opened since 2002 if I'm just finding out about this now? Does anyone have any suggestions on what I can do? I'm going to debt validate ASAP. I don't mind paying the loan if it is mine, but I don't want to make a payment and it be listed as "paid past due" for 7 years on my CR! Any thoughts would be appreciated.

[LynnInMN]

I've had the same exact thing happen to me!!! Probably the same bottom feeding CA too!!!

CA's collecting on student loans are hired third party and are not bottom feeders.

 

 

Same no-interest loan from the state of Massachusetts. I thought I had consolidated all of my student loans back in 2002. After research, I found out this type of loan could not be consolidated after looking on the Mass Board of ED website. If a state loan is federal, then why can't this federal loan be consolidated?

 

Did you read the consolidation application as to what were consolidatable loans??

 

Anyway, I have never had this tradeline listed on my reports? However, the collection agency that has listed this loan on my credit report has really stretched the dates for reporting. I called the number listed for this collection and spoke with the servicer of the loan. They told me I needed to speak with the CA that holds this account. I did get from the servicer that this loan was taken out in 1995! I graduated college in 1998 and the CA lists the "date open" being February 2002? Shouldn't this loan have been defaulted within the first year or so after graduating college if I never made a payment? This has just been added to my reports within the past two or three months!!! How has it been opened since 2002 if I'm just finding out about this now? Does anyone have any suggestions on what I can do? I'm going to debt validate ASAP. I don't mind paying the loan if it is mine, but I don't want to make a payment and it be listed as "paid past due" for 7 years on my CR! Any thoughts would be appreciated.

 

There is no magic formula for declaring these types of loans in default. If MA declared it in default in 2002, what does it really matter? The 7 year sol for reporting is over.

 

It is not the states responsiblity to come chasing after you. Borrowers are suppose to keep track of what they borrow and from whom. That is the stance that the DOE takes.

[hookem74]

There is no magic formula for declaring these types of loans in default. If MA declared it in default in 2002, what does it really matter? The 7 year sol for reporting is over. Then why did this collection agency just list the loan on my reports within the last couple months (If they are not bottom feeders) and with the wrong date? If the sol for reporting is over shouldn't the CRA's have known this before they listed this on my credit reports?

It is not the states responsiblity to come chasing after you. Borrowers are suppose to keep track of what they borrow and from whom. That is the stance that the DOE takes. When a person is under the assumption all of their college loans have been consolidated and all of the old tradelines are combined into one loan showing on their credit reports, then they think "ALL" loans have been consolidated. Especially since i have not been contacted by the state or the DOE about this one loan that came back from the dead after the consolidation.

[LynnInMN]

When a person is under the assumption all of their college loans have been consolidated and all of the old tradelines are combined into one loan showing on their credit reports, then they think "ALL" loans have been consolidated. Especially since i have not been contacted by the state or the DOE about this one loan that came back from the dead after the consolidation.

 

Your key word is "assumption". You borrowed a certain amount of loans and certain dollar amount. You got copies of prom notes. It was your responsiblity to make sure that everything matched up. You got a specialty loan....when you consolidated was it on the paper work? Was it included when the loan funded?