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Just wondering....


gal_alabama
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:confused: From reading this forum, I understand that Federally backed student loans have no SOL. Fortunately, SallieMae has me under a hardship deferrment, so I have some time there. The other, private, student loan providers stopped working with me and have all over to collections some time ago. I have followed the advice here and am currently waiting validation from the most recent agencies (sold at least three times.) I'm sure my question is in the "grasping for straws" arena, but here goes: My contract for student loans was with specific banks. The banks have sold the loans to collection agencies, who do own the, but not seemingly with the same federal "protection." For SOL purposes, are these still considered student loans, or have they become regular "contract" loans?

Thanks in advance

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:confused: From reading this forum, I understand that Federally backed student loans have no SOL. Fortunately, SallieMae has me under a hardship deferrment, so I have some time there. The other, private, student loan providers stopped working with me and have all over to collections some time ago. I have followed the advice here and am currently waiting validation from the most recent agencies (sold at least three times.) I'm sure my question is in the "grasping for straws" arena, but here goes: My contract for student loans was with specific banks. The banks have sold the loans to collection agencies, who do own the, but not seemingly with the same federal "protection." For SOL purposes, are these still considered student loans, or have they become regular "contract" loans?

Thanks in advance

Student loans, both Federal and private are NEVER sold to CA's. If it is a private loan you are referring to, it is generally transfered to or a claim filed with guarantor. SM, TERI and several other agencies guarantee private loans that often originate with banks. The general rule of thumb is that they will sue you before your SOL runs out.

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