Student Loans

[bahbahd]

Does anyone have any experience rehabbing with nelnet who can report on what they did with your old loan payment history? I'm interested in hearing how much success everyone has had with nelnet.

I myself did not rehab, unfortunately. After having a forbearance denied after meeting 'time constraints' I racked up over a years worth of 120 days latest _while_ I was making payments. The payments were just enough to keep me from default. After about a year, I finally caught up and have been really paying these SL off aggressively. I am looking for information to help back up my GW request to remove these lates.

[theREBIRTHofCREDIT]

I need info on GW success stories with Nelnet as well... I recently was surprised to learn that Nelnet reported a 60 day late on my CR 9 TIMES!!!!!!!!! I called and asked them about this since my Nelnet billing statement only has ONE ACCT # and was told that I have 9 seperate loans under that ONE acct # ... WTH!! I was super pissed! Like how can they do that? I receive ONE Bill in the mail and make ONE payment (never consolidated) But as soon as I'm late they Report it 9 seperate times with 9 seperate balances on ALL 3 CR... Is this legal?!?!? & if so, will consolidating these so called 9 seperae Accts (that have the same acct#) help prevent this in the future (not that I plan on being late again, but hey u Never know)

TIA

BTW as u all know, having a 60 day late report 9 seperate just MURDERED my credit score ;(

[bahbahd]

Since you have not consolodated your loans, what you see is quite normal. Yes, Nelnet is servicing your loans all together. So, when you make one payment to one bill, they do the work and split your payment proportionally to all of your loan accounts they service. Why are they seperate accounts? They are seperate loans, with different dispursement dates, loan amounts, even applicable interest rates sometimes. When you were late with that one payment, you were late paying each loan through Nelnet.

After consolidation, all the original loans are paid off by the institution with which you have consolidated. You essentially are taking out a loan with someone new who uses the loan to pay off all the loans you are consolidating. There would be one active tradeline on your CR for the consolidation and all the original loans accounts would show $0 balances. Unfortunately they will still be there with their 60 day lates. Nelnet's accurate reporting policy is pretty strick.

[thankfulheart]

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bahbahd wrote:

After consolidation, all the original loans are paid off by the institution with which you have consolidated. You essentially are taking out a loan with someone new who uses the loan to pay off all the loans you are consolidating. There would be one active tradeline on your CR for the consolidation and all the original loans accounts would show $0 balances. Unfortunately they will still be there with their 60 day lates. Nelnet's accurate reporting policy is pretty strick.

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My experience with the above is quite different. My new consolidation account is NOT "one active tradeline", but 4 new tradelines, one for each TYPE of student loan (Group A, Group B, etc). I only have to make one payment on a single due date, but that's it.