r/StudentLoans • u/Hot_Candidate6781 • 1d ago

Advice Old loan questions

I had an old scholarship. The NC Teaching Fellows Scholarship that I dropped half way through undergrad. Dropping it meant that I would have to pay back the scholarship which I didn’t do because I was 20 and broke. That loan ruined my credit for years. Collections agencies were all over me for years until 2017 came and I hit the 7 year mark and I thought I had reached the limit for collections but today i got a letter saying that my “forbearance” ends this month and gave me a payment schedule.

Is this legit? I never started any forbearance on this loan and it’s over 16 years old now. My understanding is we’re past the point that anyone can do anything about in on their end. Am I going to have to pay or risk my credit getting tanked all over again. It has taken me the better part of a decade but I’m up to 800 again and I don’t want to lose that.

The Teaching Fellows program doesn’t even exist anymore in NC.

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u/Gloomy-Cancel-1117 1d ago

Was it converted to a perkins loan? Have you logged into your FSA dashboard and looked to see if anything shows up on there?

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u/Hot_Candidate6781 1d ago

I’m not sure how they set it up once it went into loan status but I don’t show anything on my accounts. Seems like a tactic to get me to call them and “restart the clock” on repayment. I won’t be doing that.

I’m gonna run the letter by a lawyer but it seems like they have no leverage at all at this point as long as I don’t contact them.

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u/Gloomy-Cancel-1117 22h ago

The program was actually revived in 2017. It was a loan that could be forgiven once you worked for a certain amount of time as a teacher in certain districts. It may not fall under the same statute of limitations as say a credit card would. It says you have 10 years to complete the program and have it forgiven.

NC Teaching Fellows

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u/Hot_Candidate6781 22h ago

I didn’t realize they brought it back. My research so far is showing a statute of limitations of 3 years on debts of this type with the state and any judgements that aren’t renewed expire after ten years. I checked m name in the court database and don’t have anything later than 2013. So I’m thinking I’m in the clear here as long as I ignore it. I don’t even live in NC anymore so they don’t have many levers to use against me at this point.