Legal Question in Credit and Debt Law in Florida

I signed a promissory note to a University I was attending in the beginning of each semester saying I would pay the tuition by the end of the semester. The program was 4 semesters long. I was able to make a payment on my first 2 promissory notes, but did not make a payment on my second 2 notes. When I graduated I lost my job and the school said to just let them know when I got a job again so I could start making payments. Long story short, after 3 years I just received a job again. I owe the school 45k and cannot afford monthly payments. What would happen if I did not pay the school back? Is there a statue of limitations? What would happen if I made small payments each month and then after I hit the statue of limitations, I stopped making payments? Just wondering if there is a way out of this debt.

Asked on 6/27/11, 12:35 pm

David Slater David P. Slater, Esq.

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The State laws where you signed would control the S of L. Some school loans have a waiver of the S of L.

Answered on 6/27/11, 12:54 pm

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