If I have a student loan through Sallie Mae that was charged off, but it is not a federally backed student loan. does it drop off in 7 years like most other debts? Or is there different rules for student loans? Isnt it just like a loan from a bank or something? I was wondering if this will ever drop off or what?

Yup, it's just like a regular loan as far as the CR goes. Actually, as far as reporting on your CR, federally backed student loans are subject to the same rules. They just don't have a SOL as far as coming after you and suing you for the money.

Hope this helps!!

So after 7 years this should drop off? I always heard you cant get rid of students loans they follow you forever. But if this is just like a loan it should fall after 7 years right?

Yes, it should drop off your credit reports then. BUT, that doesn't mean they can't continue to come after you for it. If it is a purely private loan, then your state's applicable statute of limitations would apply as to whether or not they can sue you. This could be longer or even shorter than 7 years. Those are two completely different and unrelated statutes of limitations -- just because it's not on your report doesn't mean that they can't continue to attempt to collect. For example, in my state (IL), the SOL for written contracts is TEN years. So, even though something may have fallen off of my CR, they could still sue me for it for another three years after it fell off if it involved a written contract. And, even if it's after the SOL for lawsuits in your state, they can still attempt to collect -- they just can't sue you for it (actually, to make it WAY more confusing, they can still sue you after the SOL has passed, you just have an affirmative defense at that point).

I hope I haven't completely confused you!! Good luck!!

Actually the above poster is wrong. There is NO statute of limitations on student loans, absolutley none. They can garnish your wages, take your tax return check and/or sue you anytime they want and they will do one if not all of these things eventually. This debt will follow you around until your dead unless you take care of it. There are outs but only under very extenuating circumstances. You really need to read up on this. If the extenuating circumstances don't apply to you than it's best to take care of it and enter into a "Rehabilitation" agreement with the lender/collector.

Ok now I am really confused which one of you guys is right!!
So I guess I need to research this a little bit better. This is what I was wondering if they will ever go away. Actually they havent bothered me a whole lot I dont know if they know where I am to call and harass me. But I am sure they could find me if they really wanted to. That is why I was thinking about letting it just lay there.

You're absolutely right, but only for federally-guaranteed student loans. Some state loans may also fall under this as well (that would depend on each individual state's laws). The OP was talking about private student loans, however, and those are not subject to this law, however. They are also not eligible for rehabilitation (that's a federal loan thing). If it's still within the SOL for the OP's state, then they can certainly sue you for the full amount and then garnish your wages. Unlike the feds, though, they have to go to court to get that done. They also don't have the ability to take your tax return checks like the federal loan people do. The only thing that private student loans have that regular bank loans don't is that they aren't dischargeable in BK.

Like you say, though, even with private loans, they'll come after you the entire time and I believe they are more likely than the average bank lender to file suit if you don't pay. And, as I mentioned before, even if it's out of SOL, that doesn't mean that they won't continue to try to collect.

Sorry for the confusion that I was only talking about private loans!

Thanks a bunch for setting that straight. I guess I need to find out my states SOL. Can you direct me to a link that gives you that information. I used to have it but havent been there in awhile.