What is the statute of limitations on student loans?

Q. What is the statute of limitations on student loans?

A. Federal loans do not have a statute of limitations, if they are held by one of the entities described in 20 U.S.C. §1091a. These are (a) an educational institution, (b) a guaranty agency that has an agreement with the Department of Education, (c) a financial institution that has an agreement with the Department of Education, or (d) the Government itself.

Private loans are governed by the applicable contract statute. This can be either 10 or 5 years in Illinois, depending on the precise documentation. If you were a resident of another state when the loan went into default, that state's statute may apply.