student loan repayment dilemma

[elton_brand]

i took out a private student loan back a few years back and due to financial issues, i started to pay it back but never finished. here is the pickle:

the statute of limitations on this loan is nearly up (probably already up) in both the state i borrowed and the state in which i currently reside. i am now being harrassed by a debt collection agency. if i let the SOL pass, am i absolved of this debt and doesn't it eventually go away from my credit report for good? if i contact them, they can restart the SOL at that point, so that almost sounds like a bad idea. so do you let this "go away" or make arrangements to slowly repay forever?

i know you cannot run from a fed gov loan, but any advice in this particular case would be appreciated as i could be helping OR hurting myself.

 

[presutin]

Have you contacted credit agencies that deal specifically with student loans that are in default? I would start there and see what they can offer to you as far as additional information. To be honest with you, I don't think SOL applies to your loan. If the loan was a private loan but was sold later on to Sallie Mae, you may be out of luck.

 

[PJ_Weber]

if i let the SOL pass, am i absolved of this debt and doesn't it eventually go away from my credit report for good?

It'll still be there until dealt with . . .it will not vanish magically

 

[Michael Wechsler]

It'll still be there until dealt with . . .it will not vanish magically

Agreed... this stuff doesn't just go away and 99% of the time the statute of limitations will not absolve you of the debt like you think it will. Amazingly, people believe that if you can avoid the law for a while you can avoid your debt. These legislators were not that stupid! They knew people would try this and had the law created to deal with it accordingly. Clean it up and take care of it!