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@apandabear wrote:Well, I never got that letter... No letter from my guarantor or lender. No "congratulations" or "welcome."
What I did get is an email from Sallie Mae regarding my "Account Information." Still half asleep and groggy, I logged into Sallie Mae to see that my loans are back where they belong! I don't owe until the end of November. My payment actually went down $15.
Naturally I'm going to make a payment this month. At least what I was paying the collection agency.. We'll see how car shopping goes to determine how to pay.
NSLD website did not update yet (I did check). I did not check my credit report, because that's just silly.
Stay tuned for more updates as they happen!!
Well, I will congratulate you even if SM didn't! That is great. I never got a letter nor an email either. I happened to call in to ask a question of the DOE and they told me Nelnet was going to be my new servicer. I registered for an online login with Nelnet a week later, and boom there I was.
High-fiving you from here, apandabear! Best of luck with your car shopping too.
Another Update:
So I thought my orginal lender was Sallie Mae, well it wasn't. My original lender was US Bank, which was then transferred to Student Loan Finance Corp, then transferred to ACS, then to USA Funds (explains the 7 tradelines). Ok, with that said, finished rehab Aug. 15th and Sallie Mae picked up my loans not long after. They put the accounts in deferment until Oct. 9th with my first payment to start Nov. 9th. USA Funds deleted their reporting about 45 days after my final rehab payment which increased my score around 26 points but the previous lenders, as expected, are still reporting the lates. So now im going to try my luck with GW letters and phone calls to get these lates removed.
There were no new inquires during the process.
P.S. apandabear, you will get your letter, i just got my congratulations letter from USA Funds about a week ago and my final rehab payment was Aug. 15th.
@scotth1424 wrote:Another Update:
So I thought my orginal lender was Sallie Mae, well it wasn't. My original lender was US Bank, which was then transferred to Student Loan Finance Corp, then transferred to ACS, then to USA Funds (explains the 7 tradelines). Ok, with that said, finished rehab Aug. 15th and Sallie Mae picked up my loans not long after. They put the accounts in deferment until Oct. 9th with my first payment to start Nov. 9th. USA Funds deleted their reporting about 45 days after my final rehab payment which increased my score around 26 points but the previous lenders, as expected, are still reporting the lates. So now im going to try my luck with GW letters and phone calls to get these lates removed.
There were no new inquires during the process.
P.S. apandabear, you will get your letter, i just got my congratulations letter from USA Funds about a week ago and my final rehab payment was Aug. 15th.
Awesomeness. That's a quick turnaround for USA Funds, very nice.
If GW letters don't work in the beginning, I have heard stories of folks who had great luck with them after they paid off their loans completely. I don't know your situation, you could be paying on these long after the TLs fall off, but if you have a low balance and pay off in a year or two, I'd do GW letters again.
Otherwise, congrats!! That is pretty awesome, and it must feel nice to have that all settled. Mine were deffered as well, but I'm going to pay on them this month anyway. Take THAT SL interest! (I've paid almost $2k in SL interest this year, What a tax deduction!!!)
So I finished my first set of rehabilitions last month, these being Sallie Mae. Sallie Mae picked up my new loan, my monthly payment dropped 50 bucks. So far Sallie Mae is reporting, some of my older lines associated with these loans are showing as current and transferred, and some are still reporting late. The effect? a 50 FIFTY point increase to my credit rating so far, up to 554 now! I still have a couple of months left on the 2nd set of rehabilitation. So looks like I may end up reaching my goal with a little more effort. I'm really excited my dream of purchasing a home next summer may turn into a reality!
Nice! Congratulations. That is great news.
Lovely to see you making good progress toward your goals.
THATS GREAT cardsrams82!
I'm stll waiting for new updates on my CR's. I've got about 19 TL's on all 3 combined that need to be deleted or changed. My FICO has gone up 60pts but none of that is due to my student loans. I've been paying off credit cards and doing other credit gardening so thats where the increase came from. It will be nice to see what happens once they do change all those TL's. I spoke with AES (Am,erican Education Services) this morning and i was told it ususally takes 60 days to see any changes. For me that would be sometime this week or next week so we'll see.
I love coming back here and reading how well everyone is doing! STAY THE COURSE!!!
Moral of the story. Rehabilitation and paying off loan will not fix credit score. Once a loan goes bad it stays bad forever. Rehabilitation and paying off loan will not fix credit score.
Original student loan taken out in 1991. I Went in default 1998. Student Loan Rehabilitation fix my credit score in 2009. Paid loan off in 2010.
My score was good for two years. Two years after loans were paid off 2012 they were re-aged and list as "derogatory" and "collection/chargeoff"
I deputed Experian, told them it was a duplicate of the loan reporting paid satisfactory but lost.
Great news! My loans that were in rehab with Windham Professionals have been turned back over to the Dept. of Ed. The new servicer is Nelnet. On the 15th of this month the information was sent to the credit bureau's to have my reports updated, but they said it will take around 30 days for that to take place. So we'll see on that one.
I made my 9th payment on the 24th of Sept. and the 12 of this month Nelnet picked them up. I tried calling them just a few minutes ago, but they don't have my information in their system yet. But Windham said they will no longer be billing me. According to myeddebt.com my loans are now showing a 0$ balance with them and status shows completed, so I know they were transfered back.
Does anyone have any experience in dealing with Nelnet and how long does it usually take for them to have all your information?
@BrokaToe wrote:Great news! My loans that were in rehab with Windham Professionals have been turned back over to the Dept. of Ed. The new servicer is Nelnet. On the 15th of this month the information was sent to the credit bureau's to have my reports updated, but they said it will take around 30 days for that to take place. So we'll see on that one.
I made my 9th payment on the 24th of Sept. and the 12 of this month Nelnet picked them up. I tried calling them just a few minutes ago, but they don't have my information in their system yet. But Windham said they will no longer be billing me. According to myeddebt.com my loans are now showing a 0$ balance with them and status shows completed, so I know they were transfered back.
Does anyone have any experience in dealing with Nelnet and how long does it usually take for them to have all your information?
They're pretty fast. I made my last payment on 9/15, was picked up about 3 weeks later, and it was less than a week after that that I was all set for Nelnet. My apt. complex has "mail issues" (I never get letters like I'm supposed to) and since I didn't hear from Nelnet I went on their website to try to create an account. The first couple of times I got a "this SSN number is incorrect" message, which meant I wasn't in their system yet. But third try? I found my info right away.
So far? I like them. I sent in some paperwork for IBR, and it was easy and simple. Tried out their online payment system, works just fine. No complaints here.
Thanks for sharing your good news Am toasting you with this here Coke Zero. Good job!
@BrokaToe wrote:
According to myeddebt.com my loans are now showing a 0$ balance with them and status shows completed, so I know they were transfered back.
How are you accessing myeddebt.com? The site has been down for over 3 weeks for me.