SOL on Private Student Loans-YES!!!

[GETEM]

Hello all! Although I am a newbie, I have been viewing this thread for quite some time and have been reading A LOT of misinformation regarding private student loan debt.
I am not an attorney, but I have been involved in litigation with private lenders backed by TERI. I am here to tell you four things:
1. TERI guaranteed loans are non-dischargeable in bankruptcy unless you can prove undue hardship (this is because they are a registered non-profit, not because of any federal backing).
2. TERI DOES have an agreement with the Secretary of the Department of Education to guarantee student loans. HOWEVER, THIS AGREEMENT ONLY PERTAINS TO LOANS TERI GUARANTEES UNDER THE FFEL PROGRAM!!!! Therefore, if your TERI-guaranteed loan was not part of a federal loan program [direct stafford, perkins, parent plus etc] and does not come up under your SSN in the National Student Loan database, it is NOT federally backed!!!
3. If your TERI-guaranteed loan was made through a private lender and not under a federal program, the statute of limitations (for the state in which the company (who owned the loans at time of default) resides) DOES APPLY!!!
4. Check your dates of last payment and delinquency!!! It is well-known that many private lenders were prematurely defaulting loans and accelerating principle balances in order to file claims to TERI before they filed bankruptcy!!! Make sure your loan default occured within the mandatory timeline as provided by your promissory note(s)!!! For example, if your promissory note allows 120 days of delinquency prior to default, and they defaulted them before that date or submitted a claim to their guarantee agency before then, they BROKE THE LAW!!!
5. I am a firm believer in paying your debts as much as you can, so if your student loans are outside SOL, contact them for a settlement for a fraction of the amount owed and have it reported as paid in full somehow. You borrowed it, so you should pay as much of it as you can!

Do yourself a favor and buy the Student Loan Law book by Deanne Loonin, educate yourself, and consult a NCLC or NACA attorney to help you!!! Lets become informed and show these bloodsuckers that we won't take their crap anymore!!! And to all you fake forum members pretending to be "former collections agents, attorneys, or student loan company affiliates" and giving false advise...
WE SEE YOU AND YOU SHOULD BE DISGUSTED WITH YOURSELVES!!!

Good luck and GO GET EM!!!

[dewman]

Thank you for this post!!!

[ThickBurger]

Thanks.

Now I have a question - How do I know if a loan is TERI or not?

In this case, how about a Key Alternative Loan from KeyBank. I have a promissory note in front of me and I see nothing about any other guarantee agency or TERI.

This is a Private Loan not in the Federal Student Loan Database

[ThickBurger]

Interesting Case I Found.....

pacer.flmb.uscourts.gov/pdf-new/61048436.pdf

Looks like this type of [private] loan (Key Alternative) is NOT made through a non-profit agency...

See Proof Above