Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
Re: Consolidating Student Loans

SCF wrote:

Are they federal loans?  With those lenders, some or all of them may well be.  I would reccomend that he looks into rehabilitation first.  You can search these forums for all kinds of information and experiences, but long story short, you work out a 9 month payment plan on the defaulted loans, make good on it, and then get new, clean tradelines for each loan.  After that, the loans are eligible for consolidation and other federal benefits (like the Income-based Repayment plan, and deferrments, etc.).

+1...  This will be the quickest way for his credit file to recover from the damage done by the student loans.


I myself had 8 different SL tradelines. I completed Consolidation in 2007, Granted, none were ever late, but the consolidation made it easy to pay on time every time, because it was just one bill, instead of a bunch of different bills.

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