In the US, the answer is no, the government can collect indefinitely.
There is a way to help yourself though. If the loans are Federally Guaranteed, you can tell the borrower to consolidate the loans in only their name, that will get you off the hook.
If the borrower needs help consolidating their loans, refer them to the company on the link below.
what is the statute of limitation on private student loans in florida
Student loans are a Federal guaranteed loan. There is no statute of limitations for them.
Most student loans have no statute of limitations, even if issued by a bank.
Federal student loans do not have a statute of limitations. If it is a personal loan, it may have one.
4 years
4 years
There is no statute of limitations on federal student loans under any circumstance.
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Yes, there is no statute of limitations on the repayment of student loans. Federal collection agencies will try to collect on the loans even into retirement. In fact, the Dept. of Ed. will garnish Social Security income for defaulted student loans.
If this is a Federal Student loan unfortunately, THERE IS NO STATUTE OF LIMITATIONS. If this is a PRIVATE, UNSECURED STUDENT LOAN, by LAW, this is subject to a STATUTE of LIMITATIONS. One quick way to check what kind of loan you have is to simply contact the Dept. of Education and ask them for a full account and record of all your Federal student loans. Depending on the competence, or honesty of the judge and lawyers involved, you should expect a reasonable resolution of the statute of limitations has passed. Sallie Mae is a dirty company and will lie about terms of your contract, date of origination and sometimes even what school the loan was for. Make sure to keep ALL your records and come prepared to court. Call an attorney and Good luck.
Quoting from a footnote to the Fair Credit Reporting Act...(located in Subsection 605, regarding statute of limitations) "The reporting periords have been lengthened for certain adverse information pertaining to U.S. Government insured or guaranteed student loans, or pertaining to national direct student loans. See sections 430A(f) and 463(c)(3) of the Higher Education Act of 1965, 20 USC 1080a(f) and 20 USC 1087CC(c)(3), respectively." The FCRA does says that, in general, statute of limitations is 7 years or "until the governing statute of limitations has expired, WHICHEVER IS THE LONGER PERIOD." For federally guaranteed student loans, that governing statutue is much longer than the typical 7 years. There is no statute of limitations on old student loans but they can be discharged under a few circumstances - death, total and permanent disability, military service, teaching, and bankruptcy - ONLY if you can successfully prove that repayment of the debt would cause "undue hardship" as defined by case law in your jurisdiction AND the first payment of the loan was due over 7 years ago. See website: http://www.ed.gov/offices/OSFAP/DCS/loan.cancellation.discharge.html I found this information because I, too, have a loan from the 1980s. I have not worked since 1989 because I got fibromyalgia and PTSD. I am now getting SSI and they keep harassing me and my neighbors. The new bankruptcy laws (Fall 2005) may change this information.
No. You have to pay them back.Answer2It's a statute not a statue. A statute is a law, a statue is a piece of sculpture.