Does Sallie Mae have private student loans?

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I am new to these forums, but they have been a great source of information for me and I am hoping that someone can offer me some advice.

In 1989, apparently I applied for a loan of $10,000 with the Macintosh Program for Higher Education via 1st American Bank - I needed the help of a co-signer. I say apparently because I don't really remember a loan of this amount. I had other student loans that have since been paid. This one has never had a payment.

Over the years, I would occasionally get something from Sallie Mae saying I owe them about $6000. I have always said I never had a loan with Sallie Mae and need proof. All that I would get sent is this credit app. I would ask for more and never hear back. Suddenly in 7/05 it has showed up on my credit report and was sent to a CA. My co-signer is receiving letters and phone calls weekly. I call them, explain the situation, ask for validation. They don't call me back, only calling and mailing the co-signer (who is retired, in his 70s and scared).

I have spoken with the Dept. of Edu, Fed. Financial Info Ctr, checked the NSLD and this in NOT a federally funding loan.

My questions:

What should I do now?

Can Sallie Mae drag out a private loan for 15 years?

On the application, the is the phrase, "The Lender may delay any of its rights under this agreement without losing them, even beyond any statute of limitations". Is this enforceable?

I am open to ANY suggestions. If this is mine, neither my co-signer and I are in a position to pay in full.

Thanks in advance.

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Yes, Sallie Mae has been handling private loans for a long time. Because these are private loans, you will not find the information on NSLDS, because they are not federally funded.

Usually with student loans, your credit app is your application and promisorry note. This is your validation.

If this student loan was guaranteed by a "non profit", there is no SOL on the loan. I couldnt find anything on Macintosh Program for Higher Education, but they may have changed their name. Sallie Mae has many divisions and services, and they may be servicing it, or one of their non profit entities my have purchased it.

Call and talk to them about it. They have validated.

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If this loan was taken out in 1989, there is no reason it should be on your credit report today. Negative credit info can only be reported for 7 years pursuant to the FCRA regardless of whether it has been transferred to another CA. Dispute this info as outdated negative info and have it removed from your credit report. Many CAs try to "reage" bad accts on your credit report by reporting it as delinquent as of the day they got it. But that is illegal. Dispute it and get it removed and if they wont remove it then you have a FCRA violation lawsuit.

Sallie Mae is one of the worst SL collectors around. See for some horror stories as well as how these scumbags have benefited from recent law changes that resulted in huge pay raises for some of the big execs at Sallie, some doubling their salaries in a few years. I wonder where all that money comes from?

LynninMN: you said in your response to Caretaker that there is no SOL for private SLs guaranteed by a non-profit. What law says that? I am

aware of 20 USC 1091(a). Tell me how that law applies to non-federal

SLs. I'd really like to know. I have read that law and done much research and I am convinced it does not apply to non-govt SLs. Please prove me wrong or confirm my convictions. Good luck to all.

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After weeks of back and forth communication between NCO (CA) and myself, I spoke with a rep yesterday and he said it was sent back to Sallie Mae because the statute of limitations has expired. NCO (the CA) is not pursuing it. I am cautiously optimistic. Is there anything that I should do now with Sallie Mae?

Thanks to all. I would be working out a payment plan right now if I hadn't found this web site and challenged the debt.

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