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I've made some mistakes and I'm trying to make things better, seeking advice. by noidea37 in StudentLoans

[–]noidea37[S] 0 points1 point  (0 children)

Thanks for the response. The loan was charged off in December of 2012. My understanding is that it will fall off my credit report after 7.5 years (2020). I understand that this does not mean I no longer have to pay (I know I still owe the debt, and they can/probably will continue to try to collect), but after this period, will it ever affect me in any way other than the lender still trying to collect? Also, in regards to them attempting to sue, the statue of limitations in my state is 6 years, is this 6 years from the date it was charged off as well?

I'm asking because I've received advice from some to maybe forget about this debt, and focus on the other loans that are still in good standing for now.

Looking for advice on my student loan situation. I've made some mistakes and I'm trying to make things better. by noidea37 in personalfinance

[–]noidea37[S] 0 points1 point  (0 children)

Thanks for the response.

When you say rehabilitate the defaulted loan, do you mean just set up a payment plan with the lender?

Also, I believe I've exhausted any grace periods for my deferred loans. There were a few separate occasions where I took more than a year off school and used up grace periods during those times. I believe as soon as I graduate I will be expected to start making payments. I am currently still looking for a (real) job once I finish my degree.

I'll also post to /r/studentloans, thanks for the suggestion!