((70+)) or more points increased to my Score! What should I do NEXT??

[NWintellectual]

---

@NOLABelle wrote:

Hi NotFancy, 

What does it mean to rehab student loans? 

---

It means to make a series of on-time payments (usually 9-12 months) that will in turn take the loans from a default status to current. I had to do this a few years ago (circa 2009-2010).

[NOLABelle]

Hi NotFancy,

Awesome! A fresh start program! When they are removed from default are the TLs updated to show current payments and the deliquencies removed from your credit report as well? Or does that vary from creditor to creditor?

[marketman]

Usually when you are severly late, with goverment backed student loans. You will get an offer from Sallie Mae or the US Dept. of Ed, in which they will suspend all interest on your account for 9 months, and set you up on payments. At the end of the 9 months all the loans that where placed in the program will be reported current, and the late history will be removed. Secondly the loan will be sold to another bank for the life of the loan. 

[NOLABelle]

Marketman, thanks for the additional details.