What is the statute of limitations on a student loan over-award?

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What is the statute of limitations on a student loan over-award?

A student loan company I used in 1991-1996 recently contacted me and informed me that I still owe them over $1200 from an award over-payment in 1991. They said it was a loan. All my loans with them are paid for, so wouldn’t this also be paid for? And what is the statute of limitations of this? Is it possible to be over-awarded on a student loan? I contacted Direct Loan (Dept of Education) and they said the federal database shows I owe this company nothing. They have no Stafford loans with me. This is affecting my credit.

Asked on November 2, 2010 under Bankruptcy Law, Oklahoma

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You have a right on every loan disbursed to you to see an accounting of the entire loan, disbursements and payouts.  I would ask them to send you a complete printout of the lona as well as a copy of the cashed disbursement checks.  Let them prove that you owe the money.  As for the credit bureaus, contact each one and dispute the transaction. The loan company will then have 30 days to explain.  9 times out of 10 they miss the deadline and the issue resolves itself.  But I would also seek help from   attorney in your area as to this matter.  It would definitely seem that the statute of limitations has run on this matter.  I would double check.  Good luck.


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