recently i noticed that a couple of old credit cards i had were gone from my credit report...and was told that after 7 years the companies can no longer report the debt...is it the same with student loans?
2006-12-03 03:27:59 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
I've studied bankruptcy law and prepared some petitions so I have some background. Student loans almost never go away. I wish they would but the only cases of cancelling student loan debt involved people who were really distressed (read: broke AND crippled AND living in a shelter). Even if you are broke and crippled and living in a shelter, the court will probably NOT cancel the debt and will hope that you will the lottery in twenty years or your uncle will die and leave you some money.
You're going to have to pay the student loans. You can work on a consolidation which might give you a much better interest rate. Do not ignore THIS debt. It will follow you to the grave.
2006-12-03 03:34:04 · answer #1 · answered by Breandan 3 · 0⤊ 1⤋
Any debt, student loans included, follow the guidelines set by the FCRA. This means that they can only report for 7 years like most debts, BK for 10. However, you cannot get rid of them in BK (or any other way for that matter) so it's best to work out a payment arrangement with them. Believe it or not, this is relatively easy...call them up, and work something out. Then immediately consolidate them, and you'll see your payment drop by almost 40%. Not to mention you'll also save your credit rating. It's well worth the time.
2006-12-03 03:44:12 · answer #2 · answered by Kevin K 3 · 0⤊ 0⤋
You really should pay them. The amount you owe will continue to go up with the interest the loan gains each month or each year. If you default on the loan(don't pay it off at all) the debt can reach such enormous amounts it will be impossible to ever pay.
If you used it to get the education you wanted, you have the job you need to pay off your debt, then it is your obligation to honor your contract and pay off the debt.
If the interest rates are too high on the current loan could always take out another lower interest loan to pay it off or consolodate it. And the faster you pay off the loan it will have a positive affect on your credit.
One great tip! paying the loan off quickly is to pay off as much as you can afford each month and make sure your payments each month can pay a portion of the loan as well as the interest the loan will gain that month. As time goes on your monthly payments will start making that monster debt shrink more and more until it disapears!
Good luck kicking that monster's butt!
2006-12-03 11:34:49 · answer #3 · answered by popcorn 2 · 0⤊ 0⤋
How long do student loan debt stay on your credit report?
2014-08-15 05:12:50 · answer #4 · answered by Willie 1 · 0⤊ 0⤋
Kevin is correct.
There is no provisions in the Fair Credit Reporting Act that allow student loans to continue to be reported after the 7 year period. Therefore they should be deleted automatically. If not, dispute them.
However, FEDERALLY backed student loans are not dischargeable and have no statute of limitations. You can not get them discharged through bankruptcy. (geek49203 is wrong in his answer).
Wish I had a better answer for you.
2006-12-03 04:49:59 · answer #5 · answered by Anonymous · 0⤊ 0⤋
They don't go away. In fact, they are worse than other unpaid debts to creditors. And, you have to file for bankruptcy TWICE to get out of paying for them.
The student loan collections people are the worst -- they made the IRS look compassionate.
Call up the student loan people and talk about "rehabilitation" or rolling over those debts to new loans. You signed up for those loans, and it's up to you to pay for them -- it sure isn't up to me!!
2006-12-03 03:38:29 · answer #6 · answered by geek49203 6 · 0⤊ 0⤋
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2016-10-17 15:46:36 · answer #7 · answered by Anonymous · 0⤊ 0⤋
This may be feasible
2016-07-28 04:57:32 · answer #8 · answered by ? 4 · 0⤊ 0⤋
always when I ask a question, even if its the easiest one, nobody can offer me a proper informed answer here. wtf happened to people that really make the effort to answer..
2016-08-23 11:58:03 · answer #9 · answered by Anonymous · 0⤊ 0⤋