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Rhode Island

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Sallie mae has ruined my life.  My original debt was $38,000, I ran into trouble paying back my loan for about 1 year and tried everything they offered and some how  I now have to pay back $102,000.  I'm very confused about how this happened and I don't know what to do. I've only had my loans for a total of 2 years, this just doesn't seem right.



It is so true you go to school to get a better job.  And you actually don't then you are basically working just to pay sallie mae.  What about the 25,000 giveaway.  I live in RI and since I've entered the contest not one person anywhere near RI has ever won... It is a crazy situation and something should be done.



IMaking the Student Borrower Bill of Rights retroactive and reinstituting a 10 years Statute of Limitations on student loan debt
Submitted by Chris Young U.S. Senate candidate for Rhode Island and Providence Mayoral candidate for 2010.

I seek your support.

A education hearing is coming up so please call me anytime if you have any questions at 401-284-0951 or 401-477-6178.

This a great report written by the National Consumer Law Center that shows support to "Restore a Statute of Limitations" as stated on page 40 of the document.

The most favorable legislative change would be to overturn the elimination of the student loan collection statute of limitations in 20 U.S.C. section 1091a(a)(1) and replace it with a time limit (or statute of limitations), presumably a ten year limit. (Note that prior to 1991, the time limit was six years. However, it might make more sense to align the Higher Education Amendments time limit with the time limit of ten years in the Debt Collection Improvement Act).

We suggest amending 1091a(a)(1) as follows:

Obligations to repay loans may be enforced at any time during the ten year period following the date of default. This ten year limit on enforcement applies to all actions to enforce or collect the loan obligation, including filing of lawsuits, enforcement of judgments, any and all administrative offsets, including those authorized by 31 U.S.C. 3716, garnishment, or other action initiated or taken by-

The other main point we are trying to address is basically, the way the Student Borrower Bill of Rights bill s 3255 reads now, on page 26 of the document. No one will be able to use this section (c) until 7 years have passed, in the best case scenario, from the date of enactment of the Student Borrower Bill of Rights, adding the term "before and or" after the date of enactment..... will help those who are currently in this debt crisis to retroactive use this criteria of having a seven year old debt before and or after the date of enactment but also by adding these words it shows the congressional intent.

pg. 26 of bill
''(C) such debt is for an educational loan made, insured, or guaranteed by a governmental unit, or made under any program funded in whole or in part by a governmental unit or nonprofit institution, after the date of enactment of the Student Borrower Bill of Rights Act of 2006 and such loan first became due more than 7 years (exclusive of any applicable suspension of the repayment period) before the date of the filing of the petition;''.



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