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Frequent Contributor
cfstr1
Posts: 436
Registered: ‎06-15-2007
0

Student Loans Please Help

Hi guys! I have a student loan from 1994 - originally $3500.00 balance, now a $628 dollar balance showing $450.00 past due. My question is when should this fall off my credit report. It is over 13 years old already. I was thinking about disputing as too old to report or should I let sleeping dogs lie as it is only on one CRA. I will be paying this in full soon.
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Student Loans Please Help

There is no SOL on federally insured student loans. Like the Energizer bunny they keep going and going.

There is a reporting SOL for 7 years. However these loans can and are transfered from lender, to servicer, to guaranty agency, and possibly to the US Dept of Ed. Each can report for 7 years. If you still owe on the loan interest and penalties are accruing.
Valued Contributor
SmartCookie
Posts: 2,010
Registered: ‎07-01-2007
0

Re: Student Loans Please Help

There is no SOL on Federal Student Loans.
 
Try a PFD when you are ready to pay, though it's sorta a combo with a GW letter in this instance. 
EQ 787 EX 781 TU 737 11/17/07 *** I am not an attorney. If I was, I might not clip coupons. If you want legal advice, consult an attorney. If you want my personal opinion, feel free to consider my posts***
Valued Member
LEBR4113
Posts: 33
Registered: ‎05-01-2007
0

Re: Student Loans Please Help

Does not seem to change even when they are paid.  Mine are 15 years old and still showing even though they were pd (after collections) years ago.  My only positive element is that without the student loans my length of history would be relatively shorter.  Good luck!
Moderator Emeritus
fused
Posts: 16,355
Registered: ‎03-12-2007
0

Re: Student Loans Please Help



SmartCookie wrote:
There is no SOL on Federal Student Loans.
 
Try a PFD when you are ready to pay, though it's sorta a combo with a GW letter in this instance. 


In theory these are the right actions. Unfortunately, I have never heard of a GW letter working for SL lates. It stinks!:smileysad:
Credit Profile -
FICO 08 Scores (08-22-2014): EQ 820, EX 817, TU 815
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007
0

Re: Student Loans Please Help

I tell young people (tongue mostly in cheek) that it's better to borrow from the Mob than to get a student loan. At least with the Mob you know where you stand if you can't repay...
- - - -
in a credit-scoring postnuclear Stone Age...
Valued Contributor
SmartCookie
Posts: 2,010
Registered: ‎07-01-2007
0

Re: Student Loans Please Help


fused111 wrote:


SmartCookie wrote:
There is no SOL on Federal Student Loans.
 
Try a PFD when you are ready to pay, though it's sorta a combo with a GW letter in this instance. 


In theory these are the right actions. Unfortunately, I have never heard of a GW letter working for SL lates. It stinks!:smileysad:


Yeah  :smileysad:   Sorta like, it can't hurt but don't expect it.  Not even sure if they are allowed to change it if accurate.   
EQ 787 EX 781 TU 737 11/17/07 *** I am not an attorney. If I was, I might not clip coupons. If you want legal advice, consult an attorney. If you want my personal opinion, feel free to consider my posts***
New Contributor
hopeful
Posts: 72
Registered: ‎06-15-2007
0

Re: Student Loans Please Help

Pay it off.  You owe it, now pay it.
Valued Contributor
SmartCookie
Posts: 2,010
Registered: ‎07-01-2007
0

Re: Student Loans Please Help



hopeful wrote:
Pay it off.  You owe it, now pay it.


Hi, please re-read the original post.  You seemed to have missed the part where he said he was going to pay it.
EQ 787 EX 781 TU 737 11/17/07 *** I am not an attorney. If I was, I might not clip coupons. If you want legal advice, consult an attorney. If you want my personal opinion, feel free to consider my posts***
New Contributor
hopeful
Posts: 72
Registered: ‎06-15-2007
0

Re: Student Loans Please Help

Yeah, he was also considering disputing it.

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