Re: student loans

Posted by antonio osmaond fahie (198.81.16.58) on May 13, 2002 at 10:59:04:

In Reply to: Re: student loans posted by Bill on October 17, 2000 at 03:18:42:

: :I have students loans not paid for longer than 10 years. This
: :loan stayed in my credit report for seven years and erased. Can
: :the goverment report it back to the credit bureau for other
: :seven years? I understand the statute of limitation expired on
: :these loans? What are my possibilities for the goverment
: :enforcing payment?
: -------------------------------------------------------------------

:
: When student loans first commenced they came under the "Statute of
: Limitation" just like any other similiar loan. Later, however, the
: U.S. Congress declared all student loans to be exempt from any
: limitations. It put a stop to anyone trying to use that as a
: defense for not paying.

: In addition, Congress has given the Dept. of Education authority to
: collect a defaulted student loan similiar to the authority of the
: Internal Revenue Service. They once were required to take people
: to court and obtain a "judgment"....but not anymore. Under the new
: rules, they can grab any tax rebate you have coming, go after your
: wages, and anything else they can find.....all without "due
: process". Also, make sure you don't take a job with the federal
: government, collect social security or other benefits, or work on a
: goverment contract...because they can grab your pay in a heartbeat

: A few years back, Congress became very upset with the loss of
: taxpayer dollars on defaulted student loans.....and they not only
: ordered the Dept of Education to crack down, but they gave them the
: teeth to do it....and demanded progress reports on how well they
: were doing.

: As things stand, you'll be subject to collection efforts all of
: your life and you'll get hit just when you think they've forgotten
: all about you......and don't be surprised if it lands on your
: credit report again.....because the rules for student loans are
: different and the arm of the Dept. of Education has become quite
: powerful.

: It's like what they say about undertakers, "they'll get you sooner
: or later"........and the accrued intrest is building every day.
: The only escape is "permanent disability" or "death". It's written
: off in either circumstance.....upon submission of proof.

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