if i never payed a loan and it is a 'closed account' does it just go away??

Question

long story short, i went to college, used loans to pay some then joined the military and honestly kind of forgot. recently checked my credit score (it is tremendously bad but that's besides the point) and it says i have 11 closed accounts totaling around $21k. it's about to be 10 years since they were opened and i heard they get taken out of your credit score after that. is that true? i don't remember ever paying anything either so did the government go into my bank accounts and pay themselves? do i not need to worry about those 'closed accounts'?? i'm not sure what my best options are. please help!

Scott · Accepted Answer

If you have student loans and didn't pay them, your commanding officer wouldn't have let you forget them. The military doesn't think highly of its members that fail to honor their commitments. Student loans never go away. Having these as unpaid accounts will prevent you from obtaining a federally-guaranteed home loan, and it could prevent you from obtaining a job, a passport, or any number of things. Student loan debt can't even be discharged in a bankruptcy.

Judy · Answer

No, thy  didn't magically get paid.  Som things like credit cards go away eventually.  Student loans do not.

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if i never payed a loan and it is a 'closed account' does it just go away??

2 Answers