Does SOL apply to student loans?

[Anonymous]

last Saturday show I believe Suzy said something like SOL do NOT apply to FEDERAL student loans.

How about a private student loan?

In June 05/ I consolidated my federal student loans.  However, one "instutuional loan" granted by the university ($1550)  was NOT consolidated with the rest.  This loan went into default, and now has balooned to the amount $4995. 

is this possible? 

I am looking to settle or payoff this loan.  It is in a collection status.  $3450 to bring out of collection and the balance in 24 months.

This loan has not been turned over to collection agency, however the University "lawyer" has the account. 

A few questions?

Is there a SOL for private student loans?

Can the interest on a default/collection private student loan be deducted off taxes?

[Anonymous]

no SOl on any student loans.

Use the "rehab" program to take it out of default before paying off.

[Anonymous]

thanks Tim,

sorry but not sure what the "rehab" is?

do you have a link or can direct me here?

also, what is the actual FCRA statue for the penalty of $1000 for reporting inaccurate info to CRA?

thanks

[Anonymous]

I had a Federal student loan that was for 3000 dollars and ballooned to 6k.  The collection agency wanted all 6k at once which I couldn't do.  My wages were garnished until it was paid.  I didn't and still don't know anything about rehab but I would suggest doing what you can before your wages are taken.  Besides the money, it was a humiliating experience to know that the people that I work with knew my business.

[Anonymous]

i am preparing a settlement letter with them.  i am still unclear about he "rehab" Tim mentioned.  Maybe i should PM.

also, CO for this student loans is reporting about 1500 less than what they are asking my to pay..and the is based on last report on my EX 10/24.

[Boswd]

A rehab program is a program that is offered by your student loan lender in which you pay an agreed upon amount each month.   By paying on time each month every month, usually 9 to 12 months, they will remove you from default status.   But you must make the min amount due and NOT miss a payment to succesfully complete the program.  Once completed you account will be updated to "current".   It's a great way to go if you can still get into one.

[Anonymous]

You can contact DOE at 1-800-621-3115 and see if they can help you. Even if this is a institutional loan DOE may assist you in working with the school.

Part of their agreement with DOE is to work out reasonable repayment schedules,

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@Anonymous wrote:

i am preparing a settlement letter with them. i am still unclear about he "rehab" Tim mentioned. Maybe i should PM.

also, CO for this student loans is reporting about 1500 less than what they are asking my to pay..and the is based on last report on my EX 10/24.

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[Anonymous]

excellent guys! or (ladies)

the school Johnson and Wales in RI assigned this to their "attorney". In May they offered tems as you discribed.

A lump sum Payoff $4513.88, of a balance of $5348.73. OR $2843.88 to bring out of collection and then $50 per month.

I am still wonering about tax inplications (deductions) that can apply.