cancel
Showing results for 
Search instead for 
Did you mean: 

Chapter 7 and Private Student Loans

tag
Anonymous
Not applicable

Chapter 7 and Private Student Loans

My discharge was on 4-6-15. I'm looking at my credit report on Credit Karma, and the 3 private student loans I co-signed are all showing up as Closed - derogatory. What will happen with the loans? Will they become active again now that the bankruptcy is over? Will they be considered charged off which was one of the fears we had about me filing? The loans were current, but on an in-school deferment. Should we contact the lenders to find out or just wait and see?

 

There is one Citibank loan and two with Discover if that makes a difference.

Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: Chapter 7 and Private Student Loans

Along the same lines, if I reaffirmed my mortgage, how long will it take to show up again?

 

I don't really want to pay for my actual FICO scores if things aren't reporting correctly yet. Right?

Message 2 of 7
Anonymous
Not applicable

Re: Chapter 7 and Private Student Loans

Hello Halah,

 

I was recently discharged from Chapter 7 in January of this year. My private loan through Sallie Mae now Navient are back in an active status. I called and asked about in-school deferrment options, and was granted my request. However when I first got the loan I agreed to pay $25 per month, which is still in effect now that the BK is discharged. I called last Friday to make payment of $25, but was told I did not have to make a payment because of bankruptcy. The rep told me I would be getting something mail. Right now I'm just playing it by ear. From my understanding federal or private loans are not dischargeable. You should definitely call the lender and see whats going on before you're having a good day then check the mailbox and there's a letter from the lender that ruins your day (just kidding, but that happened to me too). Good luck let us know what happens.

 

 

 

 

Message 3 of 7
gdale6
Moderator Emeritus

Re: Chapter 7 and Private Student Loans

Message 4 of 7
Anonymous
Not applicable

Re: Chapter 7 and Private Student Loans

I'm so scared they're going to collectively say, "Oh, that $80k is due now." I think I might have a heart attack!

Message 5 of 7
Anonymous
Not applicable

Re: Chapter 7 and Private Student Loans

Seems to be partly a Credit Karma issue. When I got the actual reports through Experian, most of the student loans (but not Citibank) are showing up again on EX and EQ, but not on TU. My TU score is also much lower. Related, I'm sure. I'll give it some time and see what happens.

Message 6 of 7
TRC_WA
Senior Contributor

Re: Chapter 7 and Private Student Loans


@Anonymous wrote:

Hello Halah,

 

I was recently discharged from Chapter 7 in January of this year. My private loan through Sallie Mae now Navient are back in an active status. I called and asked about in-school deferrment options, and was granted my request. However when I first got the loan I agreed to pay $25 per month, which is still in effect now that the BK is discharged. I called last Friday to make payment of $25, but was told I did not have to make a payment because of bankruptcy. The rep told me I would be getting something mail. Right now I'm just playing it by ear. From my understanding federal or private loans are not dischargeable. You should definitely call the lender and see whats going on before you're having a good day then check the mailbox and there's a letter from the lender that ruins your day (just kidding, but that happened to me too). Good luck let us know what happens.

 

 

 

 


Yes you should definitely call them if you don't hear from them.

 

My Sallie Mae loans were on hold for the 4 years of my Ch 13.... a couple weeks after discharge I got a letter saying my loans are again due with the first payment due in 30 days.

 

I would not wait.  I'd definitely be calling if I didn't hear from them soon.

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.