We did it! Over $130,000+ in private student loans hit the Statute of Limitations! FUCK YOU, Navient/SallieMae, we won and YOU lost!
Posted by nowaysalliemae@reddit | studentloandefaulters | View on Reddit | 24 comments
My wife stopped paying her PRIVATE student loans over 5 years ago. We officially hit the Statute of Limitations in May of 2021.
This message goes out to Navient: FUCK YOU! We won. Remember the picture of me setting the collection notice on fire? I told ya back then that we would not pay a single penny. And I was right!
This message goes out to all the other BADASS DEFAULTS on this sub: Friends, it is a beautiful thing to see this place quadruple in size since 2014. Keep up the good fight against the crony student loan complex. There's no need to fear withholding your payment to these rogues. Just stop paying --- Pay attention to the success stories of people living better lives when they are not chained down under debt bondage. You can be free!
Smooth-E6721@reddit
My brother defaulted on his student loan back in 1985 (he was in a major accident which prevented him from returning to school and working full time). A payment plan was set up with SEAA (State Education Assistance Authority Virginia Education Loan Authority in 1994. My parents have passed but my dad kept great records of all of our affairs. We're still looking through my brother's files to see if my dad paid off his loan.
Now, here is the problem. The IRS withheld money owed to him. He did not received a notice of intent to garnish and the agency he owes is the US DoED.
His loan isn't with the US DoED it was with a private entity (VELA)
What is the statue of limitation when it comes to garnishing for student loans?
How do I get records (if I don't find it in the folders) from VELA to determine if it was paid off?
I appreciate any assistance you can provide because my brother is disabled and he needs his money. We're now worried that his SSA will be garnished.
Pretend_Variation720@reddit
My loans are from 2004 and were SallieMae/Navient. They still show up on credit report but haven't heard anything for years. I am terrified of income garnishment. How does the Statute of Limitations work???
WanderlustExplorer@reddit
what do you guys recommend if a family friend cosigned for you? I don't think they can track me down, but he's older and has lived in the same place for decades. how do I keep the collectors away from him? I'm worried I'll start this process and then he will interfere and restart the SOL. Any advice appreciated.
Oxfordillington@reddit
Does it fall of you credit report after the 7 years?
nowaysalliemae@reddit (OP)
Yes
mushroomgrrrl@reddit
can i ask what happened to your credit after the loan default fell off the report?
alltoounwell-13@reddit
can i pm u a few questions?
Atti1iotheHun@reddit
Recently I've been in the same situation same company around $56,000. I live overseas and my currency is so bad I can't pay them anymore. Reading your story has encouraged me not to be afraid of defaulting. Thank you so much for everything
nowaysalliemae@reddit (OP)
Good luck!!
TapesNStuff@reddit
Don't get me wrong, I'm glad you got away with it so far.
But you know, there's hubris. I wouldn't fuck with it.
nowaysalliemae@reddit (OP)
We spoke to an attorney to confirm we we believed to be true, that we hit the SOL, and she confirmed that there is no doubt that we had. She said as long as we don't: 1) start paying the debt 2) acknowledge the debt 3) and as long as respond immediately with SOL defense if a collector sues, we are in the clear.
ExpectGreater@reddit
How do you not acknowledge the debt? So that no one falls for this trap ?
nowaysalliemae@reddit (OP)
Ill_Impact_7961@reddit
I’m here now!! I stopped paying I. January when I got diagnosed with brain cancer. They charged my loans off and sold me to someone else, which is illegal without my written consent so I am also free! Fuck you sallie mae!!!
nowaysalliemae@reddit (OP)
How are you doing? Hope all is well.
Masterpeiceofass@reddit
Did you see a jump in your credit score? I have 6months to SOL
nowaysalliemae@reddit (OP)
No, her credit score was tanked for the 2 years or so prior to the SOL expiring. Didn't matter though...Fixing credit is always possible....Getting out of private student loan debt is impossible.
nowaysalliemae@reddit (OP)
:-) A year later after this post and living the dream. This message goes out to you, Navient: We won and never paid a single cent! LOL!
rookiesontheroad@reddit
What happens if I have paid some cents? For 1 year I paid "interest only" to Sallie Mae (bitch) and now my payments have increased to a point where I have to decide between paying for my loan or my truck payment. I've paid 3 of these increased payments but I just can't keep up with it. Is that acknowledging the loan and I'm screwed? LOL
nowaysalliemae@reddit (OP)
Paying ANY AMOUNT keeps the clock going on SOL. Paying any amount or acknowledging the debt will keep the SOL clock on day 0.
HandsRatedE4Everyone@reddit
Any chance of Navient putting a lien on your house or property from failing to pay?
nowaysalliemae@reddit (OP)
None. The Statute of Limitations has expired.
Responsible_Candle86@reddit
Maybe I am in the minority but I find it hard to feel badly for people who take out loans they can't pay and then blame the lender. Reminds me of the mortgage crisis wherein people bought houses way out of their price range and blamed the mortgage companies for defaulting when they couldn't pay. They weren't blaming them when they took the money.
nowaysalliemae@reddit (OP)
Unlike the housing crisis, people cannot declare bankruptcy on student loans and start fresh.