Reappearing Old Student Loan from 2001

[bbanke]

My credit is perfect - but I resently was contacted out of nowhere by AES for a loan. Date dispursed is 19 Dec. 2001. Since then I have built perfect credit; and now I'm getting a bill for over $54,000 (payoff amount) or promissory note for over $91,000.

 

What are my rights for a loan that has not appeared on anything for over 10 years??

[hodap2001]

Is it a private student loan or a federally backed student loan? Our response will be based upon the type of student loan you have.

[bbanke]

The Loan information shows two: Loan Programs SUBCNS and the other UNCNS. Both are 'Current owner: PHEAA SECO' with 'Date Disbursed: 12/19/2001'

 

I think what happened is I (foolishly) signed a promissory note in 2001 - probably similar to the one that they want me to sign raising my cost from $54k to $91k. I'm guessing the original loans were for under $10k total. I'm not going to sign anything until I understand more - and the loan officer is acting like a collection agency; but presently my credit score is perfect and this has not shown up on a credit report (looking at three credit scores) for over a 10 years; now it's showed up on one.

[hodap2001]

It sounds as though you have federally backed students loans (please visit NSLDS for confirmation). Since you have federally backed student loans there is no statute of limitation for collecting upon the debt; however, you need to know the date of default of the student loan to determine if the 7.5 years has passed for credit reporting purposes. But this does not prevent them from collecting upon the debt through any means possible (i.e. Administrative Wage Garnishment, Tax Offset, Bank Levy, Judgement, Social Security Offset, etc.)

 

Please find out when the default date occurred.