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Student loans must report 90+ days delinquent

New Contributor

Student loans must report 90+ days delinquent

I was just told by Sallie Mae that they must report all 90+ days delinquent accounts due to the Fed Family Education Act persuant to Higher Education Act. 1965.

 

Has anyone heard of this?

 

JD12


Starting Score: EQ 660, TU 698 | 30-Jan 2011
Current Score: EX ???, EQ ???, TU 822 | 11-Aug 2015
Goal Score:EX 700, EQ 700, TU 720 | 30-Jan 2011
Goal Score:
EX 800, EQ 800, TU 843 | 30-Aug 2015
***High Score:TU 843 - Dec 2014 ***
Message 1 of 5
4 REPLIES
Contributor

Re: Student loans must report 90+ days delinquent

I would look it up but I believe so but that company that I am working with says that after I complete the rehab program that to late payments will be removef
Message 2 of 5
New Contributor

Re: Student loans must report 90+ days delinquent

I'd look into that before you hire them.   Sallie Mae is saying it would be illegal to remove them; they are obligated by law to report 90+ days late, even with retroactive forbearance.

 

Best,

JD12


Starting Score: EQ 660, TU 698 | 30-Jan 2011
Current Score: EX ???, EQ ???, TU 822 | 11-Aug 2015
Goal Score:EX 700, EQ 700, TU 720 | 30-Jan 2011
Goal Score:
EX 800, EQ 800, TU 843 | 30-Aug 2015
***High Score:TU 843 - Dec 2014 ***
Message 3 of 5
Valued Contributor

Re: Student loans must report 90+ days delinquent

I'm not completely familiar with the law, but I will say this: many people here and on other forums have reported that Sallie Mae does NOT remove lates and/or the original account associated with a defaulted student loan that has been rehabilitated.  They stick to a strict interpretation of the law, which only specifically requires them to remove the default status.

 

Other people have reported that other services sometimes DO remove those accounts and/or lates.

 

The moral of the story is that, there are multiple policies and interpretations out there, and your mileage may vary.

Message 4 of 5
Highlighted
Frequent Contributor

Re: Student loans must report 90+ days delinquent

They can remove them it is not illegal but they are not required to remove it . If it is accurately reported they can keep it on there . Best thing would be to call them then gw them be polite with them getting upset or angry won't help. Call a few times a week at different times maybe one of the people you get will help you .
Message 5 of 5