03-18-2013 10:37 AM
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?
03-18-2013 11:08 AM
03-19-2013 05:30 AM
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.
03-19-2013 04:04 PM
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.
03-20-2013 07:17 AM