Small Student Loan

[thetthej]

I took out a $500 federal perkins loan for attending school back in 07, but i left school after a year. I've never paid it back and have heard essentially nothing regarding it, aside from a few account statements in the mail. not even monthly appearances. Haven't been called or anything.

Should I just let this go until it's off my credit report/how long will that take? I dont want to call the company because I dont want to open up some can of worms and have them start calling me.

I'm not attempting to apply for any loans in the near term and while it;s on my credit report, my score isn't bad so I'm not really fretting about it. Just figured I'd toss this out there. 

Any thoughts? Thanks bros.

[Luscher]

You most likely have defaulted on the loan, go to this site to check on the loan: http://www.nslds.ed.gov/nslds_SA/

It is wise to call them and find out as much as possible considering your credit report/score is probably taking a huge hit right now.

[SCF]

Federal student loans like this one can be reported and collected on indefinitely, so this is probably something you're going to want to take care of.  Having a federal loan in default can also limit your ability to take out new student loans, get a federally-backed mortgage and participate in other federal lending programs.  For such a small amount, I don't think it would be worth any amount of future trouble, even the potential on-going damage to your credit score, to just leave it alone.

Contact the CA and ask what your options are to get the loan out of default.  I belive you should still be able to do rehab, even with such a small amount, or perhaps consolidation and then just paying it off is a better option since you don't seem concerned about the short-term damage to your score.  Start by talking to the CA and see what options they give you.