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Cleared Caivrs in 45 days through Loan consolidation with the William D Ford Program!

Regular Contributor

Re: Cleared Caivrs in 45 days through Loan consolidation with the William D Ford Program!

What is Caivrs? Defaulted student loans?
Starting EQ Fico: 536 (3/12)
Current EQ Fico: 649 (9/13)-lender pull
TU Fico: 684 (8/13) 711-lender pull 9/13
EX Fico: 646 (8/13) 655-lender pull 9/13
Message 11 of 43
Established Contributor

Re: Cleared Caivrs in 45 days through Loan consolidation with the William D Ford Program!

CAIVRS is a federal database of debtors who owe defaulted federal debt. Not just student loans, they also track HUD, VA, USDA, SBA and DOJ debts as well.

Message 12 of 43
Established Member

Re: Cleared Caivrs in 45 days through Loan consolidation with the William D Ford Program!

How can I check to see if I'm on the CAIVRS list, short of applying for an FHA loan?

 

I recently rehabbed a student loan, and may have a smaller education loan in default from 15 years ago.

----------------
Equifax: 669
TransUnion: 681
(Jan 2013 = 595)
Message 13 of 43
Established Contributor

Re: Cleared Caivrs in 45 days through Loan consolidation with the William D Ford Program!

It doesn't appear that it's possible for mere mortals to do so....but  have you checked the NSLDS to see if the old loan shows up there?

 

Weird that CAIVRS doesn't seem to be bound by the FCRA.

Message 14 of 43
Member

Re: Cleared Caivrs in 45 days through Loan consolidation with the William D Ford Program!

Update: Applied for the Consolidation on 3/29. Today, Direct Loan Consolidation said they contacted the original lender on 4/3 to certify the amounts. Once that has been done (they give them 30 days to do it), we should receive a letter with the payoff amounts, followed by a pay off 15 days later.

 

Fingers crossed; time is ticking

 

Message 15 of 43
Established Contributor

Re: Cleared Caivrs in 45 days through Loan consolidation with the William D Ford Program!

I hope it goes quickly for you and better than my experience!

Current Score: TU: 674 | EQ: 722 | EX: 717 | Last Inq. 2/16/15...Locked Up in The Garden
NFCU Cash Rewards $14K | Chase Sapphire Preferred $5K | Amex Blue Cash Preferred $6K | Cap1 Quicksilver One Visa $9K

Message 16 of 43
Regular Contributor

Re: Cleared Caivrs in 45 days through Loan consolidation with the William D Ford Program!


Washes wrote:

Update: Applied for the Consolidation on 3/29. Today, Direct Loan Consolidation said they contacted the original lender on 4/3 to certify the amounts. Once that has been done (they give them 30 days to do it), we should receive a letter with the payoff amounts, followed by a pay off 15 days later.

 

Fingers crossed; time is ticking

 


Just to let you know there is light at the end of the tunnel....... I applied on 2/23/2013 through Direct Loan Consolidation.   My defaulted loan was picked up and paid after all the verification process on 4/4/2013.  I was able to clear CAIVRS by 4/6/2013  just had to wait for it to show posted on the my edu debt site.   Hope it helps 

re bk
EQ 572 TU 540 EXP 545
Current
EQ 598 TU 556 EXP 557
Discharge
09.16.2016

Message 17 of 43
Member

Re: Cleared Caivrs in 45 days through Loan consolidation with the William D Ford Program!

ANOTHER UPDATE: (21 Days in) Checked the system this morning and we are in the summary phase. The summary sheet was mailed to us yesterday. If we don't respond with in 15 days, they will pay the loan. If you are going through this process, the online system does not give accurate information. Call to get the most recent. The good news is that you don't have to wait on hold to get answers; the automated telephone status system gives up-to-date information.

 

Timeline so far

Applied: March 29

Loans sent for verification: Apr. 3

Summary sheet mailed: Apr. 18

 

One step closer!!!!

-W

Message 18 of 43
Member

Re: Cleared Caivrs in 45 days through Loan consolidation with the William D Ford Program!


Washes wrote:

Update: Applied for the Consolidation on 3/29. Today, Direct Loan Consolidation said they contacted the original lender on 4/3 to certify the amounts. Once that has been done (they give them 30 days to do it), we should receive a letter with the payoff amounts, followed by a pay off 15 days later.

 

Fingers crossed; time is ticking

 


Just to let you know there is light at the end of the tunnel....... I applied on 2/23/2013 through Direct Loan Consolidation.   My defaulted loan was picked up and paid after all the verification process on 4/4/2013.  I was able to clear CAIVRS by 4/6/2013  just had to wait for it to show posted on the my edu debt site.   Hope it helps

 


 

@Teddingt

Did they pay the consolidation (and update on my edu debt) on the 15th day or did it take a while longer than that?

Message 19 of 43
Member

Re: Cleared Caivrs in 45 days through Loan consolidation with the William D Ford Program!

FINAL UPDATE:

First I want to say THANK YOU to vlaw1084 for originally posting his experience here. Had he not taken the time last year to share what he went through, I'm not sure what I would've done. You have blessed my family just by sharing your experience. I hope by posting mine, I am able to help someone else through the process.

 

We applied for the consolidation on March 29 and overnighted all of the supporting documentation. We entered the certification Phase on April 3. On April 18th, the Summary Sheet was mailed. On May 3, the consolidation payment was made. The payment posted on myeddebt on May 7 (although they received the payment on May 6). The request to clear CAIVRS was sent on May 7. We were told it takes 24 - 48 hours to clear CAIVRS.

 

This is what I found out along the way

1. Don't go by what's on the website. If you call Direct Loan Consolidation and use their automated status update, you get the most up to date information.

2. You have to wait 15 days once in the Summary Phase and the payment is made COB on the 15th day.

3. myeddebt updates throughout the day (calling also gives you the most update information)

 

I was discouraged in the beginning but getting information here and staying on top of this process got us through in about 40 days.

 

Message 20 of 43