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New Member
bluerory
Posts: 10
Registered: ‎03-22-2007

Default Student Loan

I defaulted on my student loan. Currently my credit score is 484. If I go through the rehabilitation program, it seems like they will take it off my credit report. Anyone had this happen? I am going through Texas Guaranteed. Any idea how many points my score should go up?
Frequent Contributor
chartley3
Posts: 486
Registered: ‎05-23-2007

Re: Default Student Loan

It will depend on you and how you pay back the loan. Usually they will update the account and remove the baddies if you have paid on time for at least 12 months then your score will increase.
Valued Member
motoracer
Posts: 158
Registered: ‎06-15-2007

Re: Default Student Loan

they will remove the default but I have heard in here that the "lates" will not be removed
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007

Re: Default Student Loan

100% correct.
 
Get it out of default!!!! The lates hurt much less than a defaulted loan.

motoracer wrote:
they will remove the default but I have heard in here that the "lates" will not be removed



Moderator Emeritus
fused
Posts: 16,166
Registered: ‎03-12-2007

Re: Default Student Loan



bluerory wrote:
I defaulted on my student loan. Currently my credit score is 484. If I go through the rehabilitation program, it seems like they will take it off my credit report. Anyone had this happen? I am going through Texas Guaranteed. Any idea how many points my score should go up?


Anything can be deleted from your CRs but a default SL is HIGHLY unlikely.  Even if paid, I have never heard of a GW being effective.
Established Contributor
dog
Posts: 560
Registered: ‎05-03-2007

Re: Default Student Loan

i was in your same boat a while back. definitely do the rehab, and make sure that you sign off on a written rehabilitation agreement and KEEP A COPY!! the default status came off of my reports within a month of completing the rehab. bad thing is that the late payments with the OC will not delete unless you are able to GW them, which is extremely unlikely, as fused stated. or you can do like i did and DV them and they disappeared and have never come back. i believe i got lucky with the DV, because sallie mae is a wretched bit**!
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007

Re: Default Student Loan

I would sell my first born before defaulting on my student loans. :smileyhappy:
Frequent Contributor
jenkins
Posts: 278
Registered: ‎04-29-2007

Re: Default Student Loan

I had one of my lenders remove the lates after i refinanced i just called and talked to someone there and she hooked it up nicely my score jumped from 484 to 541

Starting Score: 643
Current Score: 657
Goal Score: 700


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Established Contributor
dog
Posts: 560
Registered: ‎05-03-2007

Re: Default Student Loan

lemme tell you...it was miserable! i got this letter saying they were going to attach my wages. they also included a copy of an admin order that i thought they sent to my employer....however, it was just a prelude of what they planned to do. of course i got this stuff on a friday afternoon and had to fret over it all weekend, until i found out on monday that they had not sent it to my boss. i spent a miserable year paying 800 bucks a month to rehab the bastards, and i was making 40 grand less than what i make now. the only good that came out of it was that i got to forbear them for two years after they came out of default and i also got a big ole irs interest deduction b/c all of the rehab payments went to interest for some reason or another. DO NOT, I REPEAT, DO NOT DEFAULT ON YOUR STUDENT LOANS!!! THERE IS NO SOL!!!!!!
Valued Member
motoracer
Posts: 158
Registered: ‎06-15-2007

Re: Default Student Loan

where those original loans from sallie mae? if they were when you refinanced them with a private lender did the lates from sallie mae get deleted as well?

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