Student loan 20+ years old

by Virginia
(Jacksonville Fl USA)

I have a student loan that is older than 20 year i have tried to come to an agreement with different collection people that keeps buy out the loan and coming up with ridiculous amounts that i cannot afford. Now i have a family and a little girl that i took into my home from the state and adopted that the state paid for.

My question is could these collection agencies or banks that buy keep buying out my student loans seize my bank account at anytime and if so do they give you notice or do they just do it? I have never had my name on a bank account before but now my bank is asking for me to add my name to my husbands account. Any suggestions?

Also the principal is so high. I borrowed like 5000.00 now it is up to like 19000.00

Comments for Student loan 20+ years old

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Dec 08, 2010
Old Student Loan Debt
by: Gerri

Virginia,

I have said it before and I will say it again: Student loans are the closest thing we have to debtors prison in America. I have no easy answer for you. If you don't pay, the amount will continue to grow, and they may become more aggressive in their efforts to collect. And it sounds like the amount is becoming unmanageable.

More student borrowers like yourself need to get active in this issue. I would recommend you read The Student Loan Scam (studentloanjustice.org) and let your elected officials in Washington know what's going on.

I would also recommend you check out www.studentloanborrowerassistance.org which has some excellent information on the student loan collection process and options.

Dec 11, 2010
depends on who loaned you the $$$
by: Anonymous

20 years? if this is a federal student loan then you might not beable to get out of it. if it's a private bank then you're in luck, 20 years (counting from the last time you paid on this loan )is way too late for them to sue you in any state or have it appear on your credit report. they must sue you in court and win before they can take any money from you.


Jul 01, 2011
keep your bank accounts in other names
by: Anonymous

keep your bank account in your husbands or friends name. don't trust the Department of Education or any of these collection agencies.

Dec 05, 2011
Rediculous
by: Anonymous

I think it is rediculous the amount the Student loan expects people to pay a far cry from the original amount owed. It triples + making it impossible for people to pay back.

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