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Student loan reporting BK

Contributor

Student loan reporting BK

So got a MyFICO alert that Equifax has just updated all of my student loan accounts as Included in BK. This just dropped my FICO score 80 points overnight!! Now I have had student loans in good standing for 19 months. All were reporting properly and positively. I thought Student debt could not be discharged in BK and it was not included as a creditor in my BK filing. Is this correct reporting? They have also taken off all of my balances due. I now have a report that has 8 different student loan accounts reporting as 0 balance and IIB?

 

Any help would be great?

Message 1 of 9
8 REPLIES
Frequent Contributor

Re: Student loan reporting BK

Not to worry Nooba, Once your BK is discharged and the Student Loan account gets your discharge papers from the court they will report all the accounts again as positive.  My BK was discharged on 1/14/14 and Sallie Mae received the discharge notification on 1/17/14. They told me it will take a few weeks and the account will report again and all the same history as well.  Student Loans are almost never discharged except under extreme hardship, but once they see notification of a bankruptcy they will report it as IIB until discharge.  Hope this info helps.

Fico:EQ 689 (1/8/17) EX 692 (2/8/17) TU 692 (1/8/17
C1 Venture One $10,000 / C1 Quicksilver Visa Sig $10,000 / C1 Quicksilver WMC $10,000 / Penfed Plat Rewards Visa Sig $9,500 / Penfed Power Cash Rewards Visa Sig $10,000 / Logix FCU Plat MC $12,000 / SDCCU Plat Visa $2,500 / Barclays Rewards MC $1500 / Best Buy Visa $2000 / Chase Amazon Prime Visa Sig $500 / Consumers Credit Union Plat Visa $2500 / Sams Club Store Card $437 / JCPenney $1,800, Fort Knox CU Plat Visa $5,000 / Lowes $7,000 / HSN Card $3,000 / Walmart Card $2,000 / Macys $800 / Target Red Card $800
Message 2 of 9
Contributor

Re: Student loan reporting BK

Does this also apply to fed loans as well.
If that applies to my loans i would be very happy.
Thanks Bobby i will sleep better tonight.
Message 3 of 9
Highlighted
Contributor

Re: Student loan reporting BK

Yes, once your bankruptcy is discharged, all of your student loans will revert back to their previous pre-bankruptcy statuses.

Message 4 of 9
Valued Contributor

Re: Student loan reporting BK

Random but related question. How long after your discharge did your student loans come out of forbearance? Mine went into an automatic six months forbearance which would end in May. The servicer of my student loans shows a payment due on May 10th, but I am expecting my discharge sometime this week. Just curious if they will come out of forbearance sooner or if I will truly have until May to make my next payment.
BK Discharge 2/11/14

Currently in the garden.
Message 5 of 9
Frequent Contributor

Re: Student loan reporting BK

I was surprised to find out that I will not have to make any payments until Nov. 2014.

Fico:EQ 689 (1/8/17) EX 692 (2/8/17) TU 692 (1/8/17
C1 Venture One $10,000 / C1 Quicksilver Visa Sig $10,000 / C1 Quicksilver WMC $10,000 / Penfed Plat Rewards Visa Sig $9,500 / Penfed Power Cash Rewards Visa Sig $10,000 / Logix FCU Plat MC $12,000 / SDCCU Plat Visa $2,500 / Barclays Rewards MC $1500 / Best Buy Visa $2000 / Chase Amazon Prime Visa Sig $500 / Consumers Credit Union Plat Visa $2500 / Sams Club Store Card $437 / JCPenney $1,800, Fort Knox CU Plat Visa $5,000 / Lowes $7,000 / HSN Card $3,000 / Walmart Card $2,000 / Macys $800 / Target Red Card $800
Message 6 of 9
Valued Contributor

Re: Student loan reporting BK

Bobby, thanks for the response. I am hoping for the same scenario for me, too. I could use a few extra months of not paying 270/month. Could use that for a down payment on a new car. Smiley Happy
BK Discharge 2/11/14

Currently in the garden.
Message 7 of 9
Established Contributor

Re: Student loan reporting BK

So once filed the student loans automatically went into forbearance or what?

Message 8 of 9
Valued Contributor

Re: Student loan reporting BK

Correct.
BK Discharge 2/11/14

Currently in the garden.
Message 9 of 9