03-27-2012 04:42 PM
Thank you for taking the time to read this and hopefully answer a few of my questions. I have 2 student loans that I would like some basic info on.
1. This loan is a federal loan and is currently in default for around 2800ish. Last payment was early 06. Does this ever drop off my credit? I know most things would, but since this is a federal loan, I assume that there is fine print somewhere? What are my best options here, a rehab program with the collection agency? If it does drop off my credit, should I even bother to pay this since it only has a couple years left on it? Also on my CR it looks like there has been 1 payment each year since I went into default. I assume that is from my tax refund that they kept. Does this reset the 7 year period for this loan? Any input would be helpful. Also what does the rehab program do? It brings it out of default, but does it erase all the lates and such from 06?
2. Private loan from USbank. About 9kish. This had serveral lates from 06-08.... about 4 or so. The account was paid in full in 09. Any way to get the late payments off my credit? Also how long do they stay on? 7 Years from the late or from when the account was paid off, or opened?