Legal Question in Credit and Debt Law in New York

I had student loans through Sallie Mae that i had last made payment in March of 2009. After not making any payments since, Sallie Mae closed my account and in March of 2012 USA Funds took over my account. In May of 2012, the debt was charged-off and went in to collection and has been ever since. I wanted to know does the Statute of Limitations apply in my case (I still have not made any payment or made promise in any way to make a payment) . I live in NY an know the limit is 6 years, but i am unsure as to when the clock started.


Asked on 7/03/16, 10:12 pm

1 Answer from Attorneys
Bunji Fromartz Fromartz Law Offices

Federal student loans have no statute of limitations. Private student loans do (banks and other private lenders) and that time period is governed by state law. Unfortunately Sallie Mae makes both Federal and Private student loans so your documents would have to be reviewed before an opinion is made.

And yes the law of contracts applies for private loans and in NY State has a six year Statute of Limitations.

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Answered on 7/12/16, 8:07 am


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