Key Bank Alternative Loan -quick/easy question

KeyBank student loans were FFELP loans. Key has exited the education lending arena but, the loans that are still open, I believe are all FFELP.

Key Bank did offer alternative or private loans. However TERI guaranteed a lot of their loans. TERI is nonprofit.

Did you have a question or issue on this loan?

I guess I might as well comment....

I have this loan (Key Alternative) in a default status -last payment in early '05. Neither the borrower or co-signer have been sued. Had a collection agency try to collect in '09 - Sent a Certified Letter requesting the balance and how it was calculated, copy of promissary note, etc. (Basically a DV) and have not heard anything since.

Reason for my question is that if this is a non-profit loan, the SOL where the borrowers reside would be up for a loan with a promissary note (5 years in my state).

SOL doesn't apply to student loans.

OhioGal1,

Can you provide a statute/law that says this?

Section 484A(a) of the Higher Education Action provides that no statute of limitations bars enforcement action to collect Federal student loans, including collection by offset, lawsuit, or enforcement on student loan judgments. 20 U.S.C. ?? 1091a(a). State law that would otherwise limit these actions is superseded by Federal law and cannot bar collection action.

Just did some googling....Key most definately did offer private or alternative loans. Thus the Higher Education act SOL would not apply. My understanding is that if the loans were offered thru a non profit (which I know TERI was/is)SOL would not apply. You are going to have to do more research. However I do know that the base date for the SOL starts when the loan is declared in default, not the date of last payment.

@OhioGal1-
That clearly states that is for "Federal" student loans only. Don't think this applies to Key Alternative Loan.

@SOAPLADY-
Yes Key did offer these loans, I have a the promissory note in front of me. Nothing about it says "TERI" is involved. The only other company mentioned on the entire note is "KeyCorp"

The one other this is the 'Choice of Law' provision which says laws of Ohio Apply, which is 15 years SOL. I googled that most states/courts will use their own states SOL though.

So can a Key Alternative Loan (Private Loan) be discharged in a Chapter 7 Bankruptcy?