Does student loan late payments age off?

[gagirl82]

Hi everyone!

Does anyone know if student loan late payments age off credit reports?  I was looking at my reports and I want to say it looks as though for every new month of payments reported  the oldest month gets bumped off.  Is this correct or do I just have wishful thinking lol?

[guiness56]

Yes, after 7 years a late is removed.

[RobertEG]

If the student loan was guaranteed or insured by the U.S. government, then the exclusion period is greater than 7 years.

There is a footnote appended to FCRA 605(a) referencing the extended exclusion periods, whcih references the Higher Education Act.

Check out the provisions of the Act for the specific periods.

[guiness56]

Yes, there is but they are normally removed at 7 years from what I have seen.

Except in my case where it stayed forever and once paid the entire TL was removed.

[pr0blumz]

I thought that government funded student loans have no exclusion.

[guiness56]

In what respect are you referring to?

For mine they were on my report for way over 20 years.  I defaulted early on and eventually paid them off through offset and they were removed.

ETA:  The Higher Education Act decides how long defaulted loans will report.  This is directly from them:

 (1) 7 years from the date on which the Secretary or the agency paid a claim to the holder on the guaranty;

(2) 7 years from the date the Secretary, guaranty agency, eligible lender, or subsequent holder first reported the account to the consumer reporting agency; or

(3) in the case of a borrower who reenters repayment after defaulting on a loan and subsequently goes into default on such loan, 7 years from the date the loan entered default such subsequent time.

[pr0blumz]

Oh, I was referring to them aging off. They will remain on your report until it's paid.

[guiness56]

Not necessarily.   I edited my post at the same time you posted.

[NeverBackDown]

I thought I understood this, but now after reading these posts, I'm confused...

If someone made late payments (on a Sallie Mae student loan, for example) more than 7.0 years ago, the late payments do not fall off the CR's? 

[pr0blumz]

Yes, they will.