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

Click here to add your own comments

Dec 08, 2010
Old Student Loan Debt
by: Gerri


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 ( and let your elected officials in Washington know what's going on.

I would also recommend you check out 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
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.

Jun 10, 2014
by: Beth

If this thing keep going on and the government don't step in to help people out, no one will ever borrow a dime for student loan and we will have a country of uneducated people and broke ass banks because they kept on sucking on peoples blood for so long and now have to suck on their own until the funds run out......... if millions BOYCOTT student loans in large waves then schools are forced to charge less and banks get a jolting wake up call not to be sharks because sharks on a prey can be severely hurt by dolphins.

Jul 02, 2014
Non-Compliance to the Federal Government
by: Anonymous

I went to a small school in 1982 a non-credited school....did not even receive a certificate, for I was hired on by Corp Wal-Mart with ref letters from my instructors. I did not complete my 9 month course. The school does not even exist anymore and went out of business the following year after I attended classes there. I do not remember if the loan was through a bank or if it was the government.

I did not know I was in default until 2012 when I enrolled to attend a credited college and receive my life long dream as an RN. After applying for a student loan in 2012 this is when I was informed I was in default and owed nearly $30,000.00 dollars for a school I attended for 6 months.

Now they are taking any kind of tax return that I may be entitled to. I am still a single mother with one child at home. I am appalled that my Federal tax returns were not taken until I applied for the student loan in 2012.....this is 30 years later. The government knew where I was....for being a government employee, you would think after 2 federal background checks as I was subcontracting through Medicaid and working in mental behavior.

You would also think after receiving 30 years of Federal tax returns they would have contacted me then or retrieved my Fed tax returns. If indeed I owe for this "student loan" the loan I have not a problem making payments and paying back for the 6 months I attended this school. But what I do have a problem with is telling me I owe $30,000.00.

Please if any advice you might me.

Reply from

It sounds like you are facing a number of problems here and our best recommendation is that you talk with a consumer protection attorney familiar with student loan law. It should not be expensive to get a consultation and find out what your rights and options are. You can visit the website of or the National Association of Consumer Advocates to locate one in your area.

You should also file a complaint with the Consumer Financial Protection Bureau.

Click here to add your own comments

Return to Debt Collection Questions.

Learn how debt collection laws can help you!
This website does not provide legal advice.
All information is for educational purposes only.
Copyright 2007 - 2021 by Mary Reed and Gerri Detweiler.
All rights reserved..
Read our Privacy Policy here. Do not sell my information.