Student Loan Debt Statute of Limitations, What’s That?
Why would anyone be thinking about the student loan debt statute of limitations when they start school? Prior to graduation, the average student has aspirations of getting through school, getting their degree, landing their dream job and getting on with their life. Which includes paying all of their bills, including their student loans. But somewhere along the way a thing called LIFE happens. The next thing they know, they are strapped with paying mortgages, rent, car notes, credit card bills, insurance, medical bills, utilities and dealing with a shaky economy.

Tick Tock, Tick Tock – My Student Loan Is On The Clock
As the clock ticks, their student loans fall further and further behind. One year turns into three years. Three years turn into five years. Five years turn into seven years and the clock just keeps ticking. The debt collectors call and make it crystal clear that they will pursue the long overdue delinquent student loans until the person’s last day on planet earth. But the truth is; all student loans have a debt statute of limitations with the exception of FEDERAL student loans.

What is a Debt Statute of Limitations You Ask?
It sets and defines the deadlines by which a creditor or a lender can legally pursue a debtor in order to collect a debt. Once that deadline has been reached, the creditor, lender or debt collection company cannot LEGALLY pursue that debtor for that debt. The debt statute of limitations is an absolute form of debt relief that no creditor or debt collector can fight against and win. This means that if your student loan has been out there with no payment for three or more years, you more than likely qualify for this statute. It all depends on the state you live in; each state has its on debt statute of limitations. For example, in California the debt statute of limitations is four years but in the neighboring Arizona, its six years. You’ll need to check with your state of residence for your debt expiration date.

What Is The Date of My State?
If you have arrived at that date as declared by our state, according to the law, there is nothing that a debt collection company or an attorney working on behalf of a debt collection can do. The law is very clear on this point; you can’t be sued! Don’t the debt collection companies know this? Of course they do! So why won’t tell anyone? If they did, that would mean millions of dollars in easy revenue that they would not collect. I call it easy revenue because debt collectors buy bad debts for pennies on the dollar. Everything they make after paying off the pennies is premium gravy. It’s almost like investing seventy-five cents and getting back seventy-nine dollars. The debt collectors know that student loans that have reached the debt statute of limitations are unenforceable. The issue is; THEY DON”T WANT YOU TO KNOW! To check with your state for your date! Go here: Debt Statute of Limitations.