The answer to your question could depend on several things. Namely, your ethics. If you don't have any problem never paying back a debt, depending on what state you live in and what kind of debt it is, you may never 'have to repay' the loan. This doesn't necessarily mean that the debtor can't come repossess the object(s) that you borrowed money from them to get those items! But if it's a credit card debt, they may not have any legal recourse except to report it to credit agencies. This will always be on your credit report. For life. A company can go back as far as they want on your credit history. Most go back 7 years. If your buying a house, they go back a lot further! From an accounting point of view, the debtor (Debtor A) will try to collect on a debt for a certain specified amount of time. I don't know what determines this amount of time. Probably customer history, credit history, income status, ect. Once this time elapses, Debtor A will sell the your dept, a note recievable, to another company, Debtor B at a reduced value. The original company will write off the money for the original amount of the loan on their taxes as a 'bad debt'. That doesn't mean you don't still owe that money to someone. You now owe it to the second company. This may or may not be the collection agency that works in conjunction with the original debtor. Either way, what the second debtor isn't going to tell you, the debtee, is they will probably be willing to settle for less than less than the original amount of the debt. The reason for this is that they incurred the debt for less than the face value of the note. Legally, you owe Debtor B, the face value of the note until they give up on collecting from you. At this point, they will either sell the note for less than they paid for it to a 3rd debtor, or they will just write off on their taxes. You won't know until you just quit hearing from someone about your bad debt. This could take litterally years! Your debt could be sold to several debtors before its finall written off for good. Each debtor is most likely going to report you to atleast one of the credit agencies. No matter what you do, your credit will be marred for life. And don't be fooled by these credit card offers that you might get in the mail saying you have great credit! They target people who do this kind of thing and can't get credit any other way. These kind of people are forced to pay ridiculous interest fees, over the limit fees, membership fees, the list goes on!
From someone who has been in default on student loans for many years (and recently came out of default and is getting refinanced), except in very RARE special circumstances, once you take out a student loan it does not matter how many years pass, it NEVER gets to a point that you do not have to repay it. Student loans cannot be dissolved through bankruptcy. If you default on the loans, the government can (and often will) keep any Federal income tax refunds you could get. They can (and often will) garnish your wages. The amount they garnish can be large. Those are the facts.
The best thing to do is not get students loans at all. If you do, keep them to a bare minimum. Nothing guarantees that you will get a good job when you graduate, but you will owe the money regardless.
By most accounts, he received both scholarships and student loans. The scholarships were based on his grades at Columbia as well as his work experience (he worked for five years as an advocate for the poor in Chicago before returning to get his law degree). The student loans were based on financial need, and he repaid them in a timely fashion.
First you need a Co-signer that is from the US. Second, the loan must be repaid within 20 years. Interest rates on student loans are always variable so be prepared.
You never have any student loans left once you are retired. This is because your student loans need to be paid off when you are 50 years (or sooner if possible). If you are granted a student loan you will be told this and they will help you set up a payment plan. PS: This is how it works in Sweden where I live. Since I don't know where you live I can't specifically help you, but I assume that its equal in many other countries. In the USA, a Federal student loan must be repaid, whether you are retired or not. There is no statute of limitations on Federal student loans, unless you are signed up to the IBR repayment program. If IBR, then a limitation of 25 years is in place.
You can check with your town offices to see if there is any grant money available for your neighborhood or your income level. You should also inquire about low interest loans and loans that don't need to be repaid after a certain number of years residing in the property.You can check with your town offices to see if there is any grant money available for your neighborhood or your income level. You should also inquire about low interest loans and loans that don't need to be repaid after a certain number of years residing in the property.You can check with your town offices to see if there is any grant money available for your neighborhood or your income level. You should also inquire about low interest loans and loans that don't need to be repaid after a certain number of years residing in the property.You can check with your town offices to see if there is any grant money available for your neighborhood or your income level. You should also inquire about low interest loans and loans that don't need to be repaid after a certain number of years residing in the property.
The length of time you have to pay off your student loans varies depending on the amount of the loan, your credit score, and other factors. You are free to pay off a loan as quickly as you want to, but some loans can take up to 30 years. Do your research before going into debt.
4 years
4 years
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.
10 years. However, students with large loans can get longer repayment terms.
It's my understanding that student loans are not discharged by bankruptcy any longer. YOu should check this, though
Your rights are extremely limited. If you have a specific question, please repost. The previous person who said that cannot collect after 3 years was completely incorrect; federal student loans have no statute of limitations whatsoever, and ED is still collecting on loans from the 1960s. Collectors of defaulted federal student loans will not negotiate, collectors of private student loans will negotiate.
Extremely often, federal student loans provide you with the best interest rates and terms. So, if that is what you are looking for, a federal student loan is the way to go. Good luck with your college years!