|
My sister took out a student loan for college and it went into default
in 1995. She thought the loan was consolidated with other loans in
1998; found out Friday that this was a private loan and was never
consolidated. OSI - a collection agency - is threatening a lawsuit
(don't they all).
The student loan was funded by a bank out of South Dakota and insured
by HEMAR. Interestingly enough the bank chose to require the loan to
follow the laws of South Dakota which only has a statute of
limitations of 6 years for promissory notes and written contracts. The
student loan is not federally or state guaranteed - completely
private.
I realize that federal student loans have no statute of limitations -
but what about private student loans such as this case? Several hours
of research today suggests they do not, but need to make sure I am not
missing something.
Thanks in advance for any help or link to further information on
private student loans.
|
| |
| |
|
