Unlike federal student loans, private student loans come with a state-mandated statute of limitations, after which the lender can no longer take legal action against the borrower. However, avoiding payment can have long-lasting financial and legal consequences, so borrowers should do their best to meet loan payment obligations.

Our research, news, ratings, and assessments are scrutinized using strict editorial integrity. Our editorial staff does not receive direction from advertisers on our website or our Partnerships Team. Our company may receive compensation from partners seen on our website. Here's how we make money.