Re: Student loan SOLs

Posted by Why Chat (209.240.222.130) on August 23, 2002 at 16:51:33:

In Reply to: Student loan SOLs posted by jm10101 on August 23, 2002 at 16:00:06:

If you are referring to the "suing" SOL, it is found in each State's statutes as an exception to any limitation.

If you are referring to the "reporting" SOL, it is in the original 1971 FCRA and has never been ammended;
20 U.S.C. 1080a(f)-Referencing Federally Guaranteed Student Loans
Not withstanding paragraphs (4) and (6) of subsection (a) of section 605 of the Fair Credit Reporting Act (15 U.S.C. §§ 1681c(a)(4), (a)(6)), a consumer reporting agency may make a report containing information received from the Secretary or a guaranty agency, eligible lender, or subsequent holder regarding the status of a borrower's defaulted account on a loan guaranteed under this part {20 USCS §§ 1071 et seq.} until-
(1) 7 years from the date on which the Secretary or the agency paid a claim to the holder on the guaranty,
(2) 7 years from the date the Secretary, guaranty agency, eligible lender, or subsequent holder first reported the account to the consumer reporting agency; or
(3) in the case of a borrower who reenters repayment after defaulting on a loan and subsequently goes into default on such loan, 7 years from the date the loan entered default such subsequent time.

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