Re: Help with AES/CHASE
01-30-2013 09:37 PM
Go to the National Student Loan Data System (nslds.ed.gov) and log in. If the loan is listed there, it is a federal loan. If it isn't, you have a private loan.
If it is a private loan, you'll need to handle it like you would any other collection account. If you have the money, you'll want to work with the collection agency to pay a part or all of the balance in exchange for their removing the account from your reports.
If it is a federal loan, you have the option of rehabilitating the loan by working with the collection agency to make 9 on-time payments over 9 months. Once you do that, your loan will be sold back to a servicer, the collection account removed, and the default status taken off the old loan. You'll also get a new, clean tradeline for the loan.