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Student Loan help

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Anonymous
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Student Loan help

Hello all, new here. I have used Fico for credit scores, and came across the forums. Very Impressed.

 

Like the fool I am, I defaulted on a Fed Stafford loan 20 years ago, and hoped it would go away.  Since it was removed from my credit reports, I let it go.

 

Now Dept of ED has a new collector calling me, and figured it was time to grow up. Ballooned to over 10 k with interest. After research, think will try and rehab.

 

Since it is gone from the Credit Reports, will loan reappear after I start paying it back?   And is their a trick to talking to the Agencies that collect for the Fed's. Thank You

Message 1 of 3
2 REPLIES 2
SweetCreditObsession
Valued Contributor

Re: Student Loan help

Kudos to you for not hiding from this obligation. I do not know for certain but it seems likely that they will begin to report it if you make a payment. Keep this in mind: Federal loans will not go away unless you can demonstrate significant hardship so that it is forgiven. 

 

Take comfort in the fact that you're doing the right thing by addressing this loan. The reality is that eventually...all damage done to your credit profile can eventually be undone.

 

Best wishes to you!



(+102) | (+106) | (+151)
| TU Fico 9: ? | Exp Fico 9: ? | EQ Fico 9: ?| EQ Fico 8 Bankcard: TBA

Initial Goal: Min. 740 w/all CRAs - Met
Interim Goal: 780 w/all CRAs - Met
Current Goal(s): Min. 800 w/all CRAs
Gardening Until: ??/??/202?| Last App: 10/20/2023





Message 2 of 3
Jerry45
Valued Contributor

Re: Student Loan help


@Anonymous wrote:

Hello all, new here. I have used Fico for credit scores, and came across the forums. Very Impressed.

 

Like the fool I am, I defaulted on a Fed Stafford loan 20 years ago, and hoped it would go away.  Since it was removed from my credit reports, I let it go.

 

Now Dept of ED has a new collector calling me, and figured it was time to grow up. Ballooned to over 10 k with interest. After research, think will try and rehab.

 

Since it is gone from the Credit Reports, will loan reappear after I start paying it back?   And is their a trick to talking to the Agencies that collect for the Fed's. Thank You


Good Question. I have a family member in the same boat as you.  She is rehabbing, but checks here reports like clockwork to see if the loan has reeappeared.

Message 3 of 3
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