Need help with my student loan rehab issue.....

[guiness56]

I don't have student loan issues.  Just relaying information I have learned over the years and from doing tons of research.

[Legions36]

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@kmathies wrote:

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@Legions36 wrote:

So after i pay my 9th payment of this rehab process later this month i was sappost to be in the process of getting all this turning to a + line on my credit by about the 12 month mark. So yesterday i called the Allied office just to talk to them to make sure everything was moving right. She then tells me no lender has picked up my account yet because its from Florida and for some reason there is none available there. Anyone been threw this? Anyone can tell me what to do? I have worked to hard recently on fixing all my stuff to be held up because some stupid crap like this. My score was sappost to jump around 100 points from what i have read when this this turns +, im tired of getting screwed around with when i do my part. 

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I am in Florida and in the same exact position. I am now on payment 12 with a 30k loan and I literally call Dept of Ed every week (sometimes 2x a week) to check on the status and always the same answer...."We are waiting on a lender to pick up the loan, just continue to pay the collection angency". I'm so frustrated....I really want to buy a house in 6 months but I can't even talk to banks because this is still not taken care of. It's been a year already, I've done my part. No one said this might be an issue when I first started. Can't do anything but wait but good to know I'm not alone.......

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Ok after i called a few days ago and heard the news from the rep, i then did some investigating into all my paperwork that they gave me. From reading it, it said if for some reason when im done paying my 9th payment and a lender hasn't picked up the loan then i could go ahead and look for a lender to pick it up on my own. So i guess we r able to go on our own and try to get someone to pick this up. I will try to do this if nothing happens by the end of this month. But i think it has something to do with Florida which i don't understand whats even going on there, im in NJ at the moment. Maybe u know why this is even happening there?

[Legions36]

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@guiness56 wrote:

I don't have student loan issues.  Just relaying information I have learned over the years and from doing tons of research.

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Sorry i thought u were someone else earlier in the thread. But u did say something about it staying negative, but i have read everywhere that they take that neg off the report and only the good line shows, even Allied collections said the same thing also. What r your finding about this over time?

[Legions36]

As long as when im done with my part and it shows only positive on my credit report and gives me the jump in score when im ready im happy, thats what i want nothing bad on my credit report.

[gamegrrl]

Once you have successfully rehabbed your loan, all indicators of default (references to default, 'paid by insurance', etc.) will be removed from those accounts. The lates, however, will stay on your report until they age off.

No matter what, continue to pay. Every month. On time. And keep records.

[guiness56]

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@gamegrrl wrote:

Once you have successfully rehabbed your loan, all indicators of default (references to default, 'paid by insurance', etc.) will be removed from those accounts. The lates, however, will stay on your report until they age off.

No matter what, continue to pay. Every month. On time. And keep records.

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From which accounts?  All of them or the guarantors?

[Legions36]

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@gamegrrl wrote:

Once you have successfully rehabbed your loan, all indicators of default (references to default, 'paid by insurance', etc.) will be removed from those accounts. The lates, however, will stay on your report until they age off.

No matter what, continue to pay. Every month. On time. And keep records.

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Well they send me a letter each month showing payment and i file it so im good on that. What i don't understand is why do the lates stay on my report, i have read reports from people saying that there score jumped 100 points once they were done with the rehad process. Also do i have any recourse or can i get this off my report if i bribe them by pif or pfd? I have the money to pay this off and would do it just to get it off as a neg? 

[guiness56]

If you look up the laws of student loan rehab it tells you that everything from the point of default forward will be removed once the rehab is complete.  Everything prior to the default will remain.

[Legions36]

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@guiness56 wrote:

If you look up the laws of student loan rehab it tells you that everything from the point of default forward will be removed once the rehab is complete.  Everything prior to the default will remain.

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Well i checked and its shows on my nelnet that it will be removed anyway from my report in 2014, so once this gets cleared it can't be to bad for me.

[Jasbrek]

Thought I might chime in here and tell you my experience:

1. They OC does not remove the late payment history.

2. The guarantor will remove their TL as well as the CA.

3. I have to say that I disputed the guarantor, the OC and the CA TL's once loan was rehabbed. Only the guarantor and CA were removed.

4. I live in FL and had no problems being picked up, but my loans were only for about 4k.

5. My loan was rehabbed October of last year after only 9 payments.

6. My loan was picked up by Fed Loan Servicing if that helps at all.

I am working with the OC to have lates removed because of The Hero's Act, if you are or were military when your loans defaulted you can see if this pertains to you. Anyways, I hope this was at least some what helpful, let me know if I can answer any questions for you about the process.

-Jason