In Ohio, the statute of limitations for private student loan debt is six (6) years. This applies to debts arising from written contracts, which most private student loans fall under.
Here’s what that means:
- Time Limit: A lender has six years from the date of default (when you stop making payments as agreed) to file a lawsuit to collect the debt.
- After Six Years: The lender loses the ability to sue you in court to enforce repayment. However, you technically still owe the money.
- Nuanced: The six-year clock can potentially restart if you make a payment, acknowledge the debt in writing, or if other specific actions related to the debt occur.
Important Points:
- Collection Continues: Lenders or debt collectors can still contact you and attempt to collect on the debt even after it falls outside of the statute of limitations.
- Laws Can Change: Ensure you’re referencing up-to-date sources for Ohio’s consumer protection and debt collection laws.
- Personalized Advice: For specific situations, particularly if you’re facing legal threats related to old debt, consult an attorney specializing in debt and bankruptcy law in Ohio.
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