Statute of limitations (SOL) is the time frame a creditor has to sue you for an unpaid debt. SOL can range anywhere from 3 years to 15 years depending on your state's laws and the debt type.
http://www.bankrate.com/finance/credit-cards/state-statutes-of-limitations-for-old-debts-2.aspx
Trust, but verify, the SOLs above. I found a mistake once. Florida's laws would accurately spell out the SOL. Assuming it is correct, your SOL for a written contract would be 5 years. The clock starts ticking at the DOFD of the debt which would be prior to when the CA first started collecting. Pull your CRs directly from annualcreditreport.com to get an accurate DOFD. In some states, SOL can restart if you make a payment, a written promise to pay, among others. Check FL's laws to be sure.
In terms of credit repair, SOL only matters if you don't have 100% saved up by which to avoid a judgment, and you are still inside SOL.
ETA...this info is for a private loan. Not entirely certain on a gov't-backed loan, but I know the collection attempts and garnishment rules are much different.
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ETA2....Ignore the above, OP. None of it applies assuming this is the same reference to your other post in here. If I read right, you are already at the garnishment stage. The above SOL only applies if you weren't sued yet. Now there's a new SOL that applies in that the plaintiff has X years to collect or to reaffirm the judgment. That varies by state. I'm in VA and it's 10 years. I think Cali is 10 years. I don't know FL, but I'd guess 10 years. This SOL clock starts at the judgment date. And in some states, the judgment can be reaffirmed for an additional extension.
