02-08-2013 06:05 PM
Okay I'm stumped! I've just began my journey in repairing my credit. In doing so I've pulled all 3 CR's and on all 3 I DONOT see my Federal Student Loans. Am I being punked?
02-08-2013 08:01 PM - edited 02-08-2013 08:08 PM
1. Did you default on them?
2. How long ago?
If you defaulted long ago, it is totally possible that they have dropped off of all of your reports by now. You still owe the money and you must either get them out of default sometime before you retire, OR they will take it out of your social security checks at that time. And if you get disabled before then, and you require disability checks to live, they will take it out of your disability! Scary stuff.
If this is your situation, you should go to Myeddebt.com, find out what you owe, and read the advice on there about defaulted SLs. I chose to rehab mine, and I should exit default this April. Then the SL credit lines will magically reappear on my reports with their original old dates, but with "paying as agreed " notations Instead of any negatives. This will undoubtedly help my AAOA immensely, but it will also hurt my DTI...( I just don't know how much 38K in SLs with an approx. $400 monthly payment coupled with an 80Kish annual income will affect my DTI ratio.)
02-08-2013 08:49 PM
Yes they are defaulted. I haven't checked my credit in years until late January of this year. I've been reading up on rehab. Honestly I need to have a better paying job to even afford rehab or paying anything on my loans. I already have crazy a$$ Sallie Mae, plus living in NYC. The rent alone kills my paycheck! Thanks for the info!