Student loans received in california 1986/1987 school went out of business or changed names-loans never paid on-over 20y/o

Asked over 3 years ago - Virginia Beach, VA

i received a loan thruough a school-some type of computer class/course in 1986/1987 while living in el cajon ca. we then moved to state of washington, never received anything from school stating they had either changed names of school, or whatever their reason as that school is no longer in existance-i found that out several years later.
i never paid on this loan a 2500 loan is now over 14000 dollars, that i dont have.
i never received any further books/lessons from school-even though i tried contacting them while living in washington and had a forwarding address, so therefore i was never able to complete anything.
can this debt be forgive since it is so old and the school moved/changed names or something

Attorney answers (3)

  1. 1

    Lawyer agrees

    Answered . Generally, student loans have no statute of limitations and are not subject to the bankruptcy discharge. You can try to negotiate them or challenge them. You can challenge them if someone other than the original creditor tries to collect.

    Mr. Goldstein is a Virginia-licensed attorney only. The information is not, nor is it intended to be, legal advice.... more
  2. 1

    Lawyer agrees

    Answered . Be sure you are talking about an actual student loan and not a tuition bill. Bills for tuition are dischargeable debts. Student loans, where money is paid on your behalf to a school by a lender (typically supported by your signature on a promissory note), are not dischargeable except under extremely limited circumstances not present in your question.

    For a student loan, the fact that the school changed names, went out of business, etc. is irrelevant - your contract to pay the debt is with the loan company (which already paid the money to the school). For a tuition/fee debt, you may have more options. You should consult with a local attorney regarding the specific circumstances of the debt.

    This communication may be considered an Attorney Advertisement under the Minnesota Rules of Professional... more
  3. 1

    Lawyer agrees

    Answered . Maybe because the statute of limitations has run. You need to determine the SOL for a contract in Cali.

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There are different types of debt, but all involve one person (the debtor) owing money to another (the creditor). Terms of repayment are governed by a contract.

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