welcome to elawyers.us
Elawyers Elawyers
Washington| Change
  1. Home
  2. Questions by Tags
  3. Question Detail
Asked in NY May 18, 2022 ,  0 answers Visitors: 1
I had student loans through Sallie Mae that i had last made payment in March of 2009. After not making any payments since, Sallie Mae closed my account and in March of 2012 USA Funds took over my account. In May of 2012, the debt was charged-off and went in to collection and has been ever since. I wanted to know does the Statute of Limitations apply in my case (I still have not made any payment or made promise in any way to make a payment) . I live in NY an know the limit is 6 years, but i am unsure as to when the clock started.
Tag: 
Credit | Debt and Collections Law
Data From  LAWGURU_Question
Answer the Question

2 Answers

Anonymous
Reply
Posted on / Jul. 12, 2016 08:07:00

Federal student loans have no statute of limitations. Private student loans do (banks and other private lenders) and that time period is governed by state law. Unfortunately Sallie Mae makes both Federal and Private student loans so your documents would have to be reviewed before an opinion is made.

And yes the law of contracts applies for private loans and in NY State has a six year Statute of Limitations.

Anonymous
Reply
Posted on / Jul. 12, 2016 08:07:00

Federal student loans have no statute of limitations. Private student loans do (banks and other private lenders) and that time period is governed by state law. Unfortunately Sallie Mae makes both Federal and Private student loans so your documents would have to be reviewed before an opinion is made.

And yes the law of contracts applies for private loans and in NY State has a six year Statute of Limitations.

Can't find what you're looking for?

Post a free question on our public forum.
Ask a Question
Related Q&A
Related Guide
Related Case
Related Lawyers

Can't find what you're looking for?

Post a free question on our public forum.
Ask a Question
Search for lawyers by practice areas.
Find a Lawyer