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Re: can a 1986 student loan take away money from your SSI ?

Posted by Peter Rosa on Tue Nov 22 22:13:37 2005, in response to Re: can a 1986 student loan take away money from your SSI ?, posted by Train Dude on Tue Nov 22 21:37:37 2005.

Actually, I hope not. Irresponsible railfans will do little to advance the image of the true believers of the iron horse. I also believe that federally insured student loans are not covered under bankruptcy precedings. Hence, I'm afraid :) that Salaam will be held accountable financially when they catch up with him........

Laws known as statutes of limitations prohibit the collection of debts via lawsuit after a certain period of time. It varies by state to state but usually is six years. If, therefore, you get a call from a bill collector about a Visa bill that's been unpaid since 1995, you don't have to worry about them suing you (even though the bill collector will threaten all sorts of legal action).
Federally guaranteed student loans probably are governed by different rules. While I don't know the limitations period for suing, it almost certainly is well under 19 years. A credit counseling service could provide specific information.

My LIRR/NYCT blog

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