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Student Loan Rehab Completed! NEED ADVICE

Established Member

Re: Student Loan Rehab Completed! NEED ADVICE

Hello there, and congrats on getting the rehab knocked out. I can give you some advice based upon my relatively recent experience with this process. ACT (Account Control Technology) picked up my defaulted debt when I first entered student loan rehab. Much of what happens afterwards depends on who you are working with on the rehab, so I can only report my specific situation, though I am sure there are similarities. 

 

With ACT they did not consider my rehab complete until I made "10 voluntary and timely payments". I was also super excited after the 10th payment finally was sent off. After that? I was pretty much in limbo for about 3 and a half months to be honest. It was cool to not have to kick out 375 bucks a month anymore, but it sucked not knowing my fate. The limbo comes from the fact that while ACT had completed their end of the bargain, and the Dept. of Education is happy, there is still some time before a new loan servicer picks up the remainder of the balance, and there was literally ZERO communication from either side. Calling their respective support lines I was just given a "be patient". I also started to get worried as I was still recieving statements during this time from the DOE. I know I was being paranoid, but I kept thinking, "am I going into default all over again" ?

 

Finally, I got written notice from Navient that they were to be my new loan servicer, and I have since made arrangements with them. It's super easy, and they have been helpful so far, but in my situation I had no choice as to who would be my servicer. Just a head up if you find yourself in a similar situation. 

Frequent Contributor

Re: Student Loan Rehab Completed! NEED ADVICE

I rehabbed my loans in 2012, my last payment was in December 2012. I just had to wait for the letter that stated who had picked up my loans. Navient has them now and that's who I've been paying. However very important note, my lates in my report were not deleted. None of my negatives were deleted. I still have it all in my report. So, and I came down with an illness in November of 2012, my sister was actually the one that made the last payment for me from the hospital so I didn't even get a chance to follow up with them, I was under the weather for a few years after that. But I'm completely fine now Smiley Happy. So I would suggest you call and make sure the negative activity gets deleted. It says in their letter they will delete all negatives. Good luck. 


Regular Contributor

Re: Student Loan Rehab Completed! NEED ADVICE

I got my TU dispute results today and it looks like ALL of the old student loan tradelines are deleted (and a paid judgement too)!  Hopefully tomorrow that will show on CS or Creditwise so I can see what it does to my scores.  Now I just need to dispute them on EQ and EX, but I currently have open disputes with them and need to wait before I can dispute them.  So excited!  I was nervous that they wouldn't go away, or that they would disappear while I disputed and then pop back up.  Is it possible that my new servicer (Navient) will have the late payment appear on their tradelines?  Or will they just have ND prior to me being with them?

FICO8 Scores as of 8/8/17: EQ-643 TU-644 EX-629
Current FICO8 Scores as of 11/7/17: EQ-675 TU-658 EX-652
Current Mortgage Scores: EQ-686 TU-677 EX-641
Frequent Contributor

Re: Student Loan Rehab Completed! NEED ADVICE

Oh wow! Congrats! My old trade lines were not deleted. Congrats don't take for granted.

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Regular Contributor

Re: Student Loan Rehab Completed! NEED ADVICE

Old tradelines gone from Experian now too!  Just waiting on Equifax, I've heard they can be difficult.  I wasn't able to do the dispute online so I called in, and the rep I spoke to seemed really confused by what I was saying, so I am a little nervous about it, but if they are gone off of the other two I don't know why they wouldn't be deleted.  New tradelines reporting with original open dates and "pays as agreed" comment, but doesn't show payment history.  Not sure if that makes a difference when I go to get a mortgage pre-approval or not, but I'm very excited about it!  

FICO8 Scores as of 8/8/17: EQ-643 TU-644 EX-629
Current FICO8 Scores as of 11/7/17: EQ-675 TU-658 EX-652
Current Mortgage Scores: EQ-686 TU-677 EX-641
New Visitor

Re: Student Loan Rehab Completed! NEED ADVICE

I am in the same boat. Finished rehab on the 21 of July. Loans were transferred to Great Lakes on the 29th.. contacted DOE and they said that they updated on the 30th(whatever that means) called TOP bc my tax return may be certified for offset according to hotline. Top said that DOE has to contact them to remove the offset. Im out of default status but it's not showing up in the systems that matter. Do I file my return or what?
Regular Contributor

Re: Student Loan Rehab Completed! NEED ADVICE

Keep calling that hotline to see if they've updated the information in the system. If you completed rehab, I'm betting it's done by now, or will be very soon. 

 

Did you get a letter telling you the DOE was processing the info with the IRS?

TU FICO: 778 ||| EQ FICO: 784 ||| EX FICO '08 : 780