Legal Question in Credit and Debt Law in Illinois

I signed a series of promissory notes to take out private student loans from a private college in IL (1992 through 1996). I could no longer continue the payments starting 2000, a one year forbearance was granted, but starting 2001, the loan is at default. I would like to know if the statute of limitation applies in this case. If so, how should I count the time? should I count 10 years starting 2001. In other words, starting 2011, they can no longer sue me for the default of loan? I would really like to understand this so I can negotiate a settlement. Thanks in advance.


Asked on 9/27/10, 6:54 am

1 Answer from Attorneys
Jonathan Shimberg Shimberg and Crohn, P.C.

Statute of Limitations

Section 484A(a) of the Higher Education Action provides that no statute of limitations bars enforcement action to collect Federal student loans, including collection by offset, lawsuit, or enforcement on student loan judgments. 20 U.S.C. � 1091a(a). State law that would otherwise limit these actions is superseded by Federal law and cannot bar collection action.

So if the loan is a federal student loan, you are stuck

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Answered on 10/08/10, 12:46 pm


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