Student Loan Rehabilitation (Expected credit score increase?)

[Anonymous]

I'm sorry to hear that. Consolidating would have been the answer and it only takes 8 weeks to complete and all of your old loans are paid in full.

You can still do the consolidation and take advantage of the REPAYE

[SCF]

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@Anonymous wrote:
I wouldon't suggest consolidating your loans and take advantage of the REPAYE Revised As you pay reoayment. After 240 months of payment any remaining balance will be forgiven.

In addition if you work for the Government non profit or teacher that serves the public, after 120 payments the remaining balance will be forgiven. ONLY IF YOU CONSOLIDATE

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Jaden, this simply isn't true.  Many borrowers are already eligible to enroll in PAYE/REPAYE without consolidating - and defaulted borrowers can enroll after completing rehab or consolidation depending on what works best for them.  Many borrowers can take advantage of PSLF without consolidating as well, and  folks have been making eligible payments for years under the IBR or PAYE payment plan.  For anyone with non-Direct loans, a consolidation will give you access to the full range of repayment plans, which is a great reason for some to consolidate, but it's not neccessary for many borrowers.

[Anonymous]

I have read the PSLF and they have to be in a Income driven plan in order to be qualufied. I work as a consultant and  work closely with  the student loan center and the new program indicates that it needs t be consolidated. I will check as again 

[SCF]

In some cases, certainly, but you don't neccesarily have to consolidate to enroll in an income-driven repayment plan or to make qualifying payments under PSLF.  I know that borrowers are being encouraged to move their loans to Fedloan if they are doing PSLF, and to submit documentation annually, but I haven't seen anything indicating that doing that is required to actually take advantage of the program.

[Anonymous]

Hello,

A little backstory to start, I actually didn't know the tradelines were supposed to come off. I  did the rehab so collections would stop calling. I finished the rehab program 9 months ago. My original lender was Department of Education which i defaulted on at 180 days late for half of 2013. Fedloan Servicing then picked up my loans which I also defaulted on for half of 2013. I was then presented with the loan rehabiltation program from the Department of Education Resolution Group. I successfully completed the program 9 months ago. I just became a member of myFICO and have been reading that those tradelines were supposed to come off. I still have 10 showing 6 missed payments at 180 days late!  half with fedloan and the other half with DOE. I have been paying faithfully on my current servicer through great lakes with no missed payments. I went ahead and filed a dispute with all 3 ca's. Hopefully I hear back from them soon. I'm sitting in the lower 600-625 range I'm looking forward to a boost. Any one have a similar story as mine. Hoping for some insight on what to expect. sorry post is so long, its my first one.

[txbusted]

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@Anonymous wrote:

Hello,

A little backstory to start, I actually didn't know the tradelines were supposed to come off. I  did the rehab so collections would stop calling. I finished the rehab program 9 months ago. My original lender was Department of Education which i defaulted on at 180 days late for half of 2013. Fedloan Servicing then picked up my loans which I also defaulted on for half of 2013. I was then presented with the loan rehabiltation program from the Department of Education Resolution Group. I successfully completed the program 9 months ago. I just became a member of myFICO and have been reading that those tradelines were supposed to come off. I still have 10 showing 6 missed payments at 180 days late!  half with fedloan and the other half with DOE. I have been paying faithfully on my current servicer through great lakes with no missed payments. I went ahead and filed a dispute with all 3 ca's. Hopefully I hear back from them soon. I'm sitting in the lower 600-625 range I'm looking forward to a boost. Any one have a similar story as mine. Hoping for some insight on what to expect. sorry post is so long, its my first one.

When I finished my rehab I was told them same thing. What usually happens is any metion of the default itself gets removed. Late payments leading up to the default can/will remain for 7 years. I have the late payments leading up to the default still showing and my rehab was completed just over a year ago. Some people have been lucky and any mention of default and late payments are gone. BTW congrats on the rehab. 

[Anonymous]

The one from fedloan still says open. It's not reporting. Just says open..

[Anonymous]

I just completed a rehab program through CBE group for 3 US Dept Ed loans, which were then transferred back to USDEPTED and then picked up by NelNet.  As of last week, NelNet updated my account to show Current/Paid as Agreed, however they also now aadded 10 missed payments to each loan for 30 total missed payments.  That just dropped my score by 100+ points. 

Is there anything I can do?

[Anonymous]

I am incredibly grateful for this entire thread  of messages, as I have three months left to go on my student loan rehabilitation.  I believe I've read pretty much every post and have learned a ton from all of you and each of your experiences!  The biggest thing I am super-obsessed and curious about is, of course, HOW MUCH WILL MY CREDIT SCORE GO UP AFTER I'M DONE??  I want to make sure to give you my credit score starting/mid/ending numbers, so that others down the road have more examples to find hope in 

So, I started the rehabilitation process on my student loans, which defaulted in 2011.  Over the last five years, I have been too afraid to even look at anything related to my student loans, as if avoiding helped!  I also (naively) closed all my credit cards years ago thinking that was a good idea.  Since 2011, I have just watched as each of my tax refund checks went to my student loans and said I refused to get credit cards (because who would approve me anyway). In February, I finally got started on the rehabilitation process in Feburary 2016.  I am required to pay $166 each month and have been paying $175 - always figure a little more couldn't hurt.

This actually inspired me to begin having a serious look at fixing my credit, becuase it suddenly seemed less impossible to me.  I opened up two credit cards in June 2016 to begin rebuilding my credit.  I keep the balances well below 30% of the available credit limit and pay multiple times each month.  This has had a huge impact on my credit score already, while I wait to finish up my student loan rehabilitaiton.

I am really shocked at the change in my credit score over the lat three months.  My credit is not even close to good yet, however here are the numbers, which I will update after I've completed the rehab in October 2016:

5/25/16 Experian:      523

7/21/16 Experian:      579

8/11/16 TransUnion: 603

8/11/16 EquiFax:       615