Stay updated with breaking news from Joshua ri cohen. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Updated: May 13, 2021, 1:58pm Editorial Note: Forbes may earn a commission on sales made from partner links on this page, but that doesn t affect our editors opinions or evaluations. Getty If you stop making payments on a student loan for several months, the debt will go into collections. The creditor may then decide to sue you for the remaining balance, but they only have a certain amount of time to do it. The statute of limitations is the time period during which a lender can sue you to collect an unpaid debt. Once that time has passed, the lender can no longer sue you to collect the debt. This is called “time-barred” debt. The statute of limitations on student loans depends on the type of loan you have: federal or private. ....
Channel3000.com December 21, 2020 6:58 PM Ryan Lane Posted: Updated: Getty Images If she could do it over, Vy Chuong says she would. Chuong, 26, from Seattle, refinanced roughly $55,000 in federal student loans with a private lender in February. A month later, the government suspended most federal loan payments interest-free until September. That break has since been extended through January 2021. Chuong’s new loan doesn’t qualify. “Honestly, I do have regrets,” she says. “I should have waited.” Chuong knows she can’t change things. But she wishes she knew it was possible to refinance just some of her loans. She says she would have refinanced half her balance that way, she could’ve saved some money and kept some federal protections. ....