topic Re: Why are all my student loans closed? in Bankruptcy

Why are all my student loans closed?

Anonymous — Tue, 23 Dec 2014 21:00:10 GMT

I filed bankruptcy in October. Shortly after all of my student loans on my credit reports closed. Prior to filing bankruptcy, they were in deferrment. I didn't include the student loans in my bankruptcy, as I know they are likely not going to get discharged. Why would the company report my student loans as closed with a zero balance? Are these loans going to be put back on? Won't this have a negative effect on my account when my 8 student loans suddenly get put back on my credit reports? Will they just reopen the ones that are already there?

Any help is greatly appreciated! Thanks in advance!

Re: Why are all my student loans closed?

TRC_WA — Wed, 24 Dec 2014 01:41:18 GMT

When I filed Ch 13 my student loan accounts were put in forbearance... I had no payments due for the entire 4 years I was in Ch 13.

Once I was discharged the previous student loan account updated to $0 balance and IIB. I was given a new student loan account number (with the same 2001 account origin date as the original student loan) and I resumed payments. These are federal loans with Sallie Mae. The total loan balance is about $4500 with a payment of $58 a month at 2%... far better than any credit rebuilder loan.

Don't worry, as soon as you are discharged you'll hear from them. If you don't, call them.

Re: Why are all my student loans closed?

Anonymous — Tue, 27 Jan 2015 03:15:33 GMT

This was great to know, I was wondering the same thing.

I often wondered why my attorney was always suggesting to pay a little something to them while under my BK, I never did because they are in forbearance. If paying a little isn't helping my credit, then shouldn't I just wait until my DC and then start my payments.

BK7 Discharge 9/24/15
Current FICO Scores (1/20/15): EQ 508; TU 556; EX 529

EQ: Ex 629, Eq 609, TU 570

Ex: 529

TU: 625

Re: Why are all my student loans closed?

Taoron — Tue, 27 Jan 2015 06:13:50 GMT

yeah, they will go back to being open a couple months after discharge if they are with sallie mae.