What is the statute of limitations for student loans?
Full Question:
1) I owe $30,000 in students loans. The debt was acquired 20 years ago. Now the government is requesting I make payment arrangements or they will eventually garnish my wages. Didn't the staute of limitations run out?
2) How long after a credit card debt is delinquent can debt collectors sue for repayment?
05/03/2007 |
Category: Debts and Credit |
State: Georgia |
#3676
Answer:
By virtue of section 484A(a) of the Higher Education Act, statute of limitations of no kind now limits Department’s or the guaranty agency's ability to file suit, enforce judgments, initiate offsets, or other actions, to collect a defaulted student loan. Regardless of the age of the debt, statutes of limitation are no longer valid defenses against repayment of a student loan. The answer to your second question depends on whether your credit contract includes a grace period.
