I have a friend that has a school loan that appeared on his credit report. This was his but it has been 20 years since he graduated.

They have had 20 years to find him – why now? Is there anything he can do with it?


Sure, he can pay it. he went to school, took the loan, and signed his name to pay it, did he not? He knew he had it and could have stepped up and done the right thing over the past 20 years.

But It should not be there if it’s negative. Unless its a bankruptcy after 7 years it should fall off, BK takes 10. Contact the credit reporting agency that he obtained this report under and dispute it. It should be removed if it’s negative. If it’s positive it can stay on indefinitely.. and why not?.. it’s positive after all! You said, “school loan” which I take to be different from “Student Loan” because “Student Loans” are through the Federal Gov’t and trust me. they won’t wait 20 years to come after someone.

You can’t default on a Federal Student Loan- you cant include them in BK or anything you must pay them back no matter what and no matter how long it takes. That is money that is loaned and you will pay it back or die. Truly, you have to die to get out of paying it. I know. My spouse still owes nearly 20,000 on their student loans. A ‘School’ loan, however, maybe something else from some private institution, etc.

Rather than take the demeaning attitude of this author, I believe I have read on many occasions that the two things one cannot get out of our taxes and student loans. Someone more knowledgeable on the subject may know better.

It really is not any surprise your friend could not be found for twenty years. Look at the billions being spent to find Obama and they still can’t.

BUT they will give you ample warning before resorting to this and they have a lot of repayment options, income-sensitive plans, etc. They only die if the borrower does sadly to say. That’s the only way you will get out of paying one is if you die.

You obviously haven’t dealt with them lately. I have, they aren’t very sensitive to your bills, and what current costs are. I am barely making it week to week. And they say my rent is too high, my other bills don’t matter, my elec is too high.

So I should have $1000 per month to pay on their bill, but in reality there are bills that have to be paid whether they say it’s legit or not. Guess I could have gone to my landlord and say, student loan people said your rent was too high, so you have to decrease it. I’m SURE that would work.

Actually, we have just dealt with them as of last month to be exact. My spouse is out of options- no more deferments, etc. So we do know. You have to talk to the right people and in our case, we found that talking to a few different people you will get a few different answers. If you didn’t get anywhere then you need to try again. My spouse is now on an income-sensitive repayment plan for the next year. something that was never offered to us in the past. It reduced our monthly payment by 60.00. that may not be much to you but to us, it is when our payment is about 260.00 a month- that extra 60.00 now goes in the gas tank for the time being and hopefully will be able to pay it to the loan in a few months regularly to get ahead again.

They have several repayment options..none of which my spouse qualifies for any longer as we’ve exhausted them all in order to pay other bills and legal expenses as a result of our son getting into trouble. As a matter of fact, for the income-sensitive repayment, we only needed to provide proof of our income.. not of anything else which includes rent or mortgage, etc. I’m guessing you have a staggering amount in loans maybe? if they want 1000.00 a month. I suggest you work something out with them asap because they will garnish your wages, seize your bank account and take anything else you may have coming to you like tax refunds, etc. This is one place you can’t win or get out of paying.