Re: Student Loan Purchases - Posted by Carmen
Posted by Carmen on June 10, 1999 at 11:00:47:
Having several student loans (myself and husband), I don’t think that they EVER fall off your credit! I’ve got student loans I’ll be paying on until I’m in my 50s! And they are the one loan I make sure I pay. They are not secured per se (no collateral), but the ones I have are government guaranteed, so like taxes, they can come after you any time. You can’t even bankrupt out of them - they seem to be the roaches of the loan world (survive anything).
I know several people who defaulted on their student loans in their younger days, but who now need to be responsible adults and buy cars, homes, etc. If these loans remain on their credit, that is difficult to do. They may be motivated to settle on them in order to move on.
I know my loans have not ever been sold that I know of - the oldest is 10 years old - I still pay the same company that originated them. Unless, of course, they have been sold and the company is just servicing them, I’m not sure how I would know that. So I’m not sure whether they can be bought - let us know.