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I have a private school loan that is past due. I am retired…

Customer Question
I have a private...

I have a private school loan that is past due. I am retired and so if my husband. The child we took the loan out for is disabled. Can the statue of limits apply to this loan.

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Texas

Lawyer's Assistant: What steps have you taken so far?

I offered $50 dollars a month, They want 1500.

Submitted: 2 months ago.Category: Legal
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Answered in 10 minutes by:
5/29/2018
Lawyer: Jessica B,
 replied 2 months ago
Jessica B
Category: Legal
Satisfied Customers: 1,804
Experience: Attorney at Donald B. Linsky & Associates, PA
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Hello. My name is ***** ***** I am a licensed attorney. I hope I may be of assistance with your question. Please remember to rate my service at the end of this session. Thank you!

Here are your options when defaulting on a private student loan:

1. Request student loan repayment assistance

If you’re having trouble keeping up with loan payments or have already missed one, don’t ignore the problem. Reach out to your lender and inquire about your options.

Some private student lenders will offer forbearance or temporarily adjust payments to allow you to catch up. If your debt is in collections, you might be able to work out a new payment plan with the collector.

There’s no guarantee the lender will grant your request, but it’s worth a shot. The only way to know for sure is to contact your student loan servicer or collector and request repayment assistance.

2. Refinance the private student loan

Another option is to pay off the student loan in full. If you have the cash on hand to do so, you can use that. But if you’re in default, you probably won’t be able to repay the debt in full.

Another option might be to refinance the student loan. You’ll get a new loan that you can use to repay the defaulted private student loan.

With a default on your credit, it’s unlikely that you’ll be able to qualify for a student loan refinance by yourself. See if you can find someone with good credit who’s willing to be your cosigner for a refinanced student loan.

3. Settle your private student loan debt

If your debt is in collections but has no judgment on it, another option might be to settle your student debt. Usually, you do this by speaking with the collector and negotiating a lump sum payment for a portion of your debt.

Contact your debt collector and ask them how much it would take to settle the debt. Try to get them to name a figure first, and don’t be afraid to try to talk them down further.

This will work best if you have some savings or cash you can offer now as leverage in your negotiations. It can also be effective if you have a friend or family member willing to give you a personal loan for this debt once you reach a settlement.

4. Know your rights as a borrower

As a borrower, you still have certain rights — even if you’re in default. Research those rights and don’t be afraid to enforce them.

Remember, it’s illegal for a debt collector to use unfair, deceptive, or abusive debt collection tactics. They also can’t collect a private student loan that’s passed the statute of limitations for debts in Texas. In Texas, the statute of limitations for suing on a delinquent student loan is usually four years.

For instance, debt collectors are not allowed to call you before 8 a.m. or after 9 p.m. And if you tell them not to contact you at work, it is illegal for them to continue to do so.

Debt collectors also cannot harass you. If you want to limit how and when your debt collectors contact you, the CFPB offers form letters you can use to make these requests.

5. Dispute the debt and request verification

It can also be worthwhile to try to dispute your private student debt.

Under the law, a debt collector has to provide you with certain information that proves you are, in fact, legally obligated to pay the debt. But you will usually have to request full proof of the loan’s origins.

You’ll need to take this action right away. You have 30 days from initial communication or discover of the debt to request verification that the debt is legitimate. Disputing the debt in this time frame will put collections on hold.

You can still dispute it after those 30 days, but the lender won’t have the same responsibility to stop collections or verify the debt.

Don’t forget to write and request verification of the debt. In fact, the CFPB provides form letters to dispute a debt or request more information. The creditor should always send you verification of the debt.

Compare this information to your records. If there is a mismatch, you might be able to prove that the debt is not valid, that you owe less than the creditor claims, or that the debt doesn’t belong to you.

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Lawyer: Jessica B,
 replied 2 months ago

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