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I'm wondering if it would be worth it to try to get a goodwill deletion of lates on my student loan account (which went up to 120-149 days at one point) dating from late 2013, when I was at the bottom of my financial trough, from my Navient account. The current balance is about $5,400 principal and has been in on-time repayment since December 2015 (Navient, which was then Sallie Mae, agreed to give me a long-term financial-hardship forbearance in early 2014 and put me back on on-time status at that time). In fact, I mailed my current payment earlier this week. There seems to be a good deal of varying infomation on this topic and I've also just now read about the lawsuit against Navient which might affect goodwill deletions. Suggestions?
Call and ask them. The worst they will say is no. If that fails, then send off goodwill letters and hope for the best.
Is it a federal or private student loan?
@RobertEG wrote:Is it a federal or private student loan?
Does navient handle private loans too? I thought they were only federal.
Federal. The loan was taken out through Penfed originally MANY years ago, serviced by some organization whose name I now forget (Great Lakes something), then I transferred it to Sallie Mae. Along the way, most of it was paid off as part of a mortgage refinancing (long story) but for some reason part of it wasn't and sat around on forbearance status for years until that period ended right when I was in the throes of the worst of my financial problems leading ultimately to bankruptcy in 2014, and that's when the lates occurred.
Federal student loans have unique characteristics based on superceding requirements of the Higher Education Act.
Delinquencies are required to be reported to at least one CRA,thus making good-will deletion improper in some cases, and the exclusion periods for derogs are extended beyond the normal credit report exclusion periods set under the FCRA whenever the delinquency persists.
Denial of good-will requests for deletion of derogs is often pro-forma on federal student loans.
However, you can always request........
@RobertEG wrote:Federal student loans have unique characteristics based on superceding requirements of the Higher Education Act.
Delinquencies are required to be reported to at least one CRA,thus making good-will deletion improper in some cases, and the exclusion periods for derogs are extended beyond the normal credit report exclusion periods set under the FCRA whenever the delinquency persists.
Denial of good-will requests for deletion of derogs is often pro-forma on federal student loans.
However, you can always request........
20 U.S.C. §1087cc(c)(3): Notwithstanding paragraphs (4) and (5) of subsection (a) of section 1681c of title 15, a consumer reporting agency may make a report containing information received from the Secretary or an institution regarding the status of a borrower’s account on a loan made under this part until the loan is paid in full.
You will unlikely have success with GW until the loans are paid, because of this paragraph.