SOL is past...still paying.

[ernst4]

Greetings...my situation is this. I have an Alaska Student Loan from 1999. I've been paying on it to Premiere Credit $70.00/month for about 5 years now. I received an interest statement from ASL for tax purposes, so I'm assuming they still own the debt. The people from Premiere have been wanting me to pay more, but I really can't. Here in New York the SOL is six years and the statute of limitations is only extended by new written promise to pay in New York, not partial payments. I have nothing in writing from these people in regard to a payment plan. A lady called today and I asked her to please send me a copy of the signed agreement between us. Since the SOL has passed, and there is no written agreement, what are my options? I'm kind of in a gray area here, and would like some direction as to what the OC can do in regard to litigation, and what Premiere can do. Thank you!!

[Lian]

I would caution you that the laws relating to student loans don't have the same FCRA exclusionary period of 7 years set forth for most delinquencies under FCRA 605(a). They are extended, as set forth in the footnote under FCRA 605(a)(2), for U.S. guaranteed student loans, or for national direct student loans, under sections 430(A)(f) and 463(c)(3) of the Higher Education Act of 1965, 20 U.S.C. 1080a(f) and 20 U.S.C. 1087cc(c)(3).

I have not read these exclusions in detail, and don't know if there are any provisions that might also affect the date of cause of action that may affect the initial running date for SOL determinations.

I suggest you check out the fed statutes on student loans before making any decisions on action.

[ernst4]

It was an Alaska State Student Loan which is private. Do these statutes apply to private loans?

[Lian]

It depends upon whether they were federally insured or guaranteed under the provisions cited in the referenced federal statutes.

[ernst4]

Thanks for answering! From everything I've read there is no federal component at all to the Alaska Student Loan.