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I received a Parent PLUS student loan for my daughter's college through Sallie Mae in Sept 2005. I defaulted on the loan and it was rehabbed in Mar 2007. I then made my nine consecutive on time payments through TGSL. In Feb 2008, my loan was taken over by Nelnet (Lender: San Antonio Credit Union). I have been making monthly payments to Nelnet since then.
When I pulled my credit reports, I notice that Sallie Mae has the loan listed as:
opened 09/2005
closed 03/2007
description DEBT BEING PAID THROUGH INSURANCE
Is the description correct? What does "debt being paid through insurance" really mean? I thought when my rehab was successful, the student loan status would be positive. I am paying for the loan monthly--not insurance (?) I am confused. Can someone please clarify for me? Thank you in advance.
I agree with Lynn.