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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Consumer Protection Law
Satisfied Customers: 116799
Experience:  Attorney experienced in commercial litigation.
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I have a private student loan that without my knowledge was

Customer Question

I have a private student loan that without my knowledge was put on collections and is on my credit report. They want $1500 a month and I can't afford that. Because it is a private loan and with this agency they wont accept a payment plan or stop the interest for me to get caught up. I am paying $100 a month but that is not even making a dent when the interest is over $300. Should I being paying every month or just let the statute of limitations run out on it?
Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Unfortunately, because it is a private loan, they can set their terms. If you do not pay them, then the statute of limitations of 6 years in WI runs from the date of your last payment. They can sue you at any time within 6 years of your last payment and if they do so and get a judgment you will not have avoided anything really, just delayed it.
Some private student loans can be discharged in bankruptcy, which is an option you can explore if you are eligible and willing. Your bankruptcy attorney would have to file the bankruptcy and an adversary proceeding against the student lender to get the court to specifically consider discharge of the student loan (which is not automatically discharged and has to be specifically asked for from the bankruptcy court in the proceeding.
Otherwise, they can sue you within the statute of limitations if you stop paying and they have 6 years from your last payment to do so.

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