Legal Question in Credit and Debt Law in Illinois

I have a private student loan at default since 2000. Promissary notes were signed during 1993 - 1996, on which specifies il state law governs such note. Due to hardship I asked for a forbearance in 1999 and was granted one year. Since 2000, no payments were made. I would like to know if the statute of limitation applies, if so how many years, and counting from which year? Thanks a lot.


Asked on 10/08/10, 7:57 pm

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

For many student loans, there is no statute of limitations, and of course, you cannot discharge student loan debt in bankruptcy. Federal law supersedes state statutes of limitations regarding student loans in most instances. With only very limited exceptions, the only way to avoid paying student loans is to die--which is not a recommendation, only an observation.

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Answered on 11/03/10, 11:51 am


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