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NJ dept of Ed student loan!

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bubbles0605
Regular Contributor

NJ dept of Ed student loan!

I took out a student loan in 2005 , ended up graduating but went into very early labor! My Son has had many complications but now is fine. 

I am now back in the position of being able to make payments on this loan! My question is ; On my CR it shows as Charged off, so I still have a chance

to get this back up and running with monthly payments?

What would you suggest I do first?

I have called and got a very rude person who basically told me I was screwed!!!! ugh!

Starting Exp-545, TU-531,EQ-515
DH starting Exp-503,TU-486,EQ-470
short term goal: mine-600, DH-550
Message 1 of 5
4 REPLIES 4
InvincibleSummer3
Established Contributor

Re: NJ dept of Ed student loan!


@bubbles0605 wrote:

I took out a student loan in 2005 , ended up graduating but went into very early labor! My Son has had many complications but now is fine. 

I am now back in the position of being able to make payments on this loan! My question is ; On my CR it shows as Charged off, so I still have a chance

to get this back up and running with monthly payments?

What would you suggest I do first?

I have called and got a very rude person who basically told me I was screwed!!!! ugh!


Has the loan actually defaulted? You can sign into the NSLDS to find out at NSLDS.gov. The reason I ask is that you may be able to rehab the loan.
 Finding out would be well worth your time.

Message 2 of 5
bubbles0605
Regular Contributor

Re: NJ dept of Ed student loan!

Just looked it up and it says defaulted! what now? can I still rehab?

Starting Exp-545, TU-531,EQ-515
DH starting Exp-503,TU-486,EQ-470
short term goal: mine-600, DH-550
Message 3 of 5
bahbahd
Established Contributor

Re: NJ dept of Ed student loan!

Yes, you can rehab defaulted federal student loans. It is an easy clean process. After 9 consecutive monthly payments, you loans can be picked up by a new lender and you will have a new positive account. The old loan will not be in default, the status should be updated at least. You might even get lucky and have the old account removed or the payment history updated to positive payments with no late payment remarks. Start here: http://studentaid.ed.gov/repay-loans/default/get-out#loan-rehab

Message 4 of 5
InvincibleSummer3
Established Contributor

Re: NJ dept of Ed student loan!


@bahbahd wrote:

Yes, you can rehab defaulted federal student loans. It is an easy clean process. After 9 consecutive monthly payments, you loans can be picked up by a new lender and you will have a new positive account. The old loan will not be in default, the status should be updated at least. You might even get lucky and have the old account removed or the payment history updated to positive payments with no late payment remarks. Start here: http://studentaid.ed.gov/repay-loans/default/get-out#loan-rehab


+1 to all of this. You're totally not screwed, despite the rude person on the phone.

Message 5 of 5
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