If youv'e ever defaulted on a student loan, can you get out of default even if it's been 30 years? If so how?

Answer 1

Yes, you can still get out of default, even after 30 years.

Your first step should be to contact the holder of the defaulted loan. Since you've been in default for quite a while now, there's a good chance that the loan is no longer with the bank that you originally borrowed from. The debt was probably sent to a collection agency long ago. In order to determine WHO has it right now, you can do one of the following:

(a) check your credit report at http://www.annualcreditreport.com and contact the company that appears to be in possession of the loan or, better yet,
(b) log on to http://www.NSLDS.ed.gov to view your student loan history (you will probably need to apply for a PIN at www.pin.ed.gov. This website has a LOT of information and will tell you who holds the loan as well as how much you owe.

As soon as you know who holds your loan, contact them to arrange payments. In general, after you make a certain number of payments on time (typically 6-12), your loan will no longer be in default. Another similar option is Loan Rehabilitation, which will essentially get the "defaulted" status deleted from your credit report. It's a bit of a longer process, but well worth it: http://www.ed.gov/offices/OSFAP/DCS/rehabilitation.html

Answer 2

regrettably student loans are unlike loans from a economic business enterprise. student loans handle the government and that they're going to consistently get their money someway. whether you report for financial ruin, your student loans won't go away. It does not look honest yet you are able to no longer matter on getting your tax returns, in simple terms plan on no longer getting them for a mutually as. additionally, in case you call up the folk who cope with your student loan and make a charge affiliation, perchance they gained't take your taxes, they are basically doing it because of the fact which you're in default.

Answer 3

I'm no pro at this, but negative things only show on your credit report for a certain number of years, I think 10, so would you even be able to find it? I know you're trying to do right, but if it's not on your credit report, do you want to risk the chance of it going back on your credit report as a collection account?

Answer 4

You can start making payments on it. Student loans are not dischargeable by bankruptcy under government reulgations. By starting the repayments, it will improve your status in regards to them.