08/18/2014 03:46 pm ET Updated Oct 18, 2014

Is It True My Student Loans Will Be Forgiven When I Hit 50?

Huffington Post Reader Question

Dear Steve,

I finished university in 1993 Having secured a student loan for the three-year period. When I graduated I never really had a job that paid a high enough salary to make any repayments on the loan.

Now some 20 years later I have been contacted by a debt company requesting payment of the loan! I am 57 years of age and I'm sure I read somewhere that before 1998 if you reached the age of 50 this debt was no longer payable?

Do I have to repay this loan?


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Dear Roger,

Well there's a new one for me.

Hopefully this was a private student loan. If so then the statute of limitations has sailed on the debt and it could be discharged in a consumer bankruptcy. Federal student loans are not subject to the statute of limitations.

I have never heard about a free pass on loans at 50. If that was the case you'd have loads of people jumping on that bandwagon.

However, it is getting more common to see very elderly people with student loan debt they took our decades before or cosigned for. Age alone is not a reason for forgiveness. Even people on Social Security can have their payments garnished for past due federal student loans.

More information would need to be known for a more specific answer. But for now, if this is a private student loan click here. And if this was a federal student loan, click here.


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