Settling old student loan

[Anonymous]

I'm starting the process of negotiating a settlement on my old student loans. They defaulted over 10 years ago and are no longer on my credit reports. Obviously I'd like to keep it that way. But I'd also like to get the CA monkey off my back. What language do I need to negotiate to make sure paying off this debt doesn't result in it showing up on my CR again? Will it automatically stay off because the DOFD is so old? Or could making payment reset the clock?

Just want to make sure I cross my T and dot my I.

Thanks.

[Anonymous]

Is it a Federal Student Loan?  If so, there's no getting around paying that one off.  If not, you are very likely past the Statute of Limitations for the debt.  In which case, you can tell the CA to go pound salt.  They can not sue (SOL) you or report the debt on your CR at this point (Based upon DOFD).

I actually had a CA contact me last year for a debt from my University.  This was the first that I had heard of this debt since 1996.  The letter they sent clearly showed the last payment received was in December of 1996.  I actually didn't believe I owed this debt, since I paid off a debt with them about 8 years ago for a similar principal amount.  I sent a letter to the CA telling them that the debt was beyond the SOL and if they attempted to sue me for the debt, I'd let the Court know about the SOL.  I haven't heard from them since.

[Anonymous]

It's a federal student loan. Not subject to SOL. Will obviously need to settle, but I need some help with language in the settlement that would insure it doesn't resurface on my CR.

[Anonymous]

If it's not on there now and past the 7 year DOFD, you have nothing to worry about.  Settle the debt and be done with it.  It won't re-appear.

[MarineVietVet]

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@Anonymous wrote:

Is it a Federal Student Loan?  If so, there's no getting around paying that one off.  If not, you are very likely past the Statute of Limitations for the debt.  In which case, you can tell the CA to go pound salt.  They can not sue (SOL) you or report the debt on your CR at this point (Based upon DOFD).

I actually had a CA contact me last year for a debt from my University.  This was the first that I had heard of this debt since 1996.  The letter they sent clearly showed the last payment received was in December of 1996.  I actually didn't believe I owed this debt, since I paid off a debt with them about 8 years ago for a similar principal amount.  I sent a letter to the CA telling them that the debt was beyond the SOL and if they attempted to sue me for the debt, I'd let the Court know about the SOL.  I haven't heard from them since.

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There is no SOL on Student Loans.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

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@MarineVietVet wrote:

There is no SOL on Student Loans.

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On Federal Student Loans: True.  

Non-Federal Student Loans: False

There are all kinds of "Student Loans".  For example, the Student Loan that I had mentioned in my reply was a loan directly from the Educational Institution.  In New Jersey, the SOL for such debt is 6 years.

[MarineVietVet]

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@Anonymous wrote:

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On Federal Student Loans: True.  

Non-Federal Student Loans: False

There are all kinds of "Student Loans".  For example, the Student Loan that I had mentioned in my reply was a loan directly from the Educational Institution.  In New Jersey, the SOL for such debt is 6 years.

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There are definitely differing opinions on SOL & Student Loans.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".