I have a private loan from USC that was charged off and sent to a CA about 6 months ago. They were after me hard and heavy for about 2 weeks, and then nothing... I am playing the waiting game with them, half expecting to see a summons soon. The DOLA on this acct is 10/2001. What is the SOL on this type of loan? And would it be from my state (MO) or thiers (CA)? Thanks.

I'm not sure who 'USC' is? A private lender, or the school? If your loan was a private signature loan with a student loan lender, then I believe the sol for contract debt in the state the loan originated (CA) would apply.

If this was a loan directly from the school, and the school is a state university then you can throw sol out the window. It is a debt to the state and although it may come off your credit reports, they will hound you forever.

USC is the University. It was called a University Direct Student Loan. It is a private school though, not a state school. So if the contract debt sol for CA applies, I am in the clear in one year. I can do that. Missouri's "borrowing statute" says:



So that means they cannot come after me after next October, right? This is good news. Hopfully they won't sue before.

The words "direct student loan" have me wondering if it is not a federal student loan. Just because a school is private doesn't mean they don't participate in the federal student loan program.

Check NSLDS's website. If the loan is listed on their website and marked 'default' it is definately a federal debt and will never go away. If your loan is not listed there, it is probably a private loan.

I checked the NSLDS website. My Sallie Mae loans are there. This one is not. Thank God. I guess I'll just hold my breath....

You'll have four years to wait. Also, this will prevent you from getting other good credit offers for seven years.

If this is a private loan directly from the University... in other words the University financed it, they will contine to collect. Especially if they are a state school since they are deemed "non profit". Your transcripts will be held and they will continue to pursue indefinately.

Only 10 more months to go though, right? DOLA was 10/2001

Unfortunately, no, not exactly. You just have 10 months to go before you have an affirmative defense if they sue you (note that they can still sue -- you have to bring up the SOL issue as a defense). They can -- and probably will -- continue to collect, though. Direred is talking about the SOL (for lack of a better term) on how long it remains on your credit report. Many other lenders will only grant credit at higher rates and/or require higher down payments/annual fees, etc., if they grant it at all, if you have an unpaid charge-off (which is essentially what this is) on your report.

Hope this helps, even though it's not the best news!!! Good luck!!!