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Just finished student loan Rehabilitation, need help with removing lates/possible GW letter

New Contributor

Re: Just finished student loan Rehabilitation, need help with removing lates/possible GW letter

This is very helpful information I'm just starting the rehab process and will check back to update. I do have some credit cards and will be gardening as well. Thank you again.
Message 11 of 84
New Contributor

Re: Just finished student loan Rehabilitation, need help with removing lates/possible GW letter

Awesome I'm just starting this process so I have a long way to go but I'm looking forward to getting this resolved
Message 12 of 84
Established Member

Re: Just finished student loan Rehabilitation, need help with removing lates/possible GW letter

Thank you for posting all this! It is exactly what i came on to check on. I am in the exact position with all my loans just now being picked up after rehabbing by FedLoan and Nelnet! Very excited and hoping all gets removed as well so I can look into purchasing my first home for my move in a few months. Praying that I will finally be seen as a functional member of society now lol
05/15: EQ:641 EX:647 TU:548
Started: 04/14 530 CK
Goal: 750 across

Message 13 of 84
Established Member

Re: Just finished student loan Rehabilitation, need help with removing lates/possible GW letter

 
05/15: EQ:641 EX:647 TU:548
Started: 04/14 530 CK
Goal: 750 across

Message 14 of 84
Regular Contributor

Re: Just finished student loan Rehabilitation, need help with removing lates/possible GW letter

Any updates on this? Have you made your first payment and have the new accounts showed up on your CRs? Also if they did, are they showing up as a new account with a 0 AAoA or did they back date the account and increase your AAoA like some have reported? Thx!

Message 15 of 84
Valued Contributor

Re: Just finished student loan Rehabilitation, need help with removing lates/possible GW letter

Under the rehabilitation program all negative marks are removed upon completing it. Me, my sister, and a friend I helped out have all been through the process and all negative marks were removed with the loans being backdated to show as a positive account since the date they were first opened. Mine was rehabilitated in 2013, Navient is my new servicer and on my report it shows a perfect account with open date in 2007. If you ask the rehabilitation department when you setup for the program they will tell you themselves that the negatives will be removed upon completion, not just the default status. Hope this helps Smiley Happy
Don’t take your credit for granted, use it with care! These days, catch me in the bankruptcy forum!?
Message 16 of 84
Established Member

Re: Just finished student loan Rehabilitation, need help with removing lates/possible GW letter

No updates to report yet other than nothing has changed on my reports. I have made my 1st payment on time. I have a few days to go until my 2nd payment. All the bad student loan stuff remains completely deleted and doesn't even report at all. No new accounts reported either. 

Message 17 of 84
Regular Contributor

Re: Just finished student loan Rehabilitation, need help with removing lates/possible GW letter

So if I am understanding what I read from this thread correctly, my rehabbed loans, well, the old defaulted - should be removed - not just moved to Closed accounts?

That is where I am seeing the loans I rehabbed and my new ones are under open - so A LOT of trade lines to only have 4 loans

Message 18 of 84
Member

Re: Just finished student loan Rehabilitation, need help with removing lates/possible GW letter

I would suggest consolidating. Your rehab loans are showing as individual loans right? Consolidate them and those loans will be paid in full.

By consolidating you can also take advantage of the Income Based Payment and also forgiveness after 240 payments have been made

I am a student loan consultant
Message 19 of 84
Valued Contributor

Re: Just finished student loan Rehabilitation, need help with removing lates/possible GW letter


Jaden63 wrote:
I would suggest consolidating. Your rehab loans are showing as individual loans right? Consolidate them and those loans will be paid in full.

By consolidating you can also take advantage of the Income Based Payment and also forgiveness after 240 payments have been made

I am a student loan consultant

IBR is available to any student loan borrower in the reasonable past (I don't remember exactly when IBR was available, the 90s or early 2000s?).  Consolidation is not needed to take advantage of income-driven repayment for any borrower.  Some borrowers with non-Direct loans will need to consolidate if they want to use REPAYE (which is based on a lower percentage of your income and has some other differences), but its not really something everyone needs to worry about.

Message 20 of 84