topic Re: Student Loan in General Credit Topics

Student Loan

Anonymous — Wed, 20 Jun 2007 00:31:34 GMT

this is probably a craaaazzy question but my student loan shows 120 days past due, does that mean it has when in defaultt? Im now current and making payments on time for the last 3 months? was my SL in default? not sure

Re: Student Loan

Anonymous — Wed, 20 Jun 2007 01:13:23 GMT

@Anonymous wrote:
this is probably a craaaazzy question but my student loan shows 120 days past due, does that mean it has when in defaultt? Im now current and making payments on time for the last 3 months? was my SL in default? not sure

Normally takes 6 months for it go into default.
Now you are paying the status should change to pays as agreed and the past due amount should have gone away.

Re: Student Loan

Anonymous — Wed, 20 Jun 2007 14:13:34 GMT

my credit report says that I have too many installment loans should I consilidate the 2 loans or will that hurt my credit score if i do so? also I dont understand if I default on my student loans I can rehab them for 12 months and totally remove any negs off my CR but if I just have some late pays I cant rehab those to remove,,,doesnt seem fair,,,seems like I should just let them go in default and then rehab them to totally remove them so the late pays dont stay on there for 7 years!! anyone got an answer to that?

Re: Student Loan

Anonymous — Wed, 20 Jun 2007 14:47:05 GMT

oh motoracer, do not fall into the trap of believing that those late pays will disappear if you default then rehab....

i defaulted, rehabbed, and, yes, all reports of default, etc, etc from the guarantor and the ca were removed from my report; however, the late payments to the original creditor (sallie effin' mae, in my case) were not removed.

i called sallie mae and they have a prepared script that they will read to you explaining that the original late pays are not removed in the event of default and rehabilitation, blah, blah, blah. and they are legally right, i found out later.

after i rehabbed, i consolidated all of my loans and i now toss them in forbearance status for a year or so, as often as i can.

last year i dv'ed the lates from the closed/transferred sallie mae accounts and they were removed from all cra's.

DO NOT LET YOUR STUDENT LOANS GO INTO DEFAULT!!!!

FORBEAR, DEFER, CONSOLIDATE, WHATEVER YOU HAVE TO DO!!

Re: Student Loan

Anonymous — Wed, 20 Jun 2007 14:56:50 GMT

@Anonymous wrote:
my credit report says that I have too many installment loans should I consilidate the 2 loans or will that hurt my credit score if i do so? also I dont understand if I default on my student loans I can rehab them for 12 months and totally remove any negs off my CR but if I just have some late pays I cant rehab those to remove,,,doesnt seem fair,,,seems like I should just let them go in default and then rehab them to totally remove them so the late pays dont stay on there for 7 years!! anyone got an answer to that?

The consolidation shouldn't hurt your credit.
Just like Dog reported- it is possible to get the lates removed after it is no longer guarantied with the government via Dispute/GW/DV.

I did mine with the 2 year lower payment option- 4 accounts to 1.

Re: Student Loan

Anonymous — Wed, 20 Jun 2007 15:17:53 GMT

something i forgot to mention....if you consolidate, make entirely, positively sure that every student loan that you intend to consolidate gets wrapped up in the consolidation. i consolidated 80 grand in student loans, and one little 3k loan was not included. i had even asked the company that i consolidated with if they were sure that all loans were included in the consol. they said yes. of course they were wrong. i had taken it out at an old address, so i had no info that they had not included it until it was almost in default. fortunately i was able to settle it for half the value and removal of the delinquency from my reports.

in my experience, be as vigilant as you can in dealing with student loans...if there is a foul up, 99.999% of the time it will be attributed to something YOU did or did not do, regardless of how ridiculous it may seem.

Re: Student Loan

Anonymous — Wed, 20 Jun 2007 15:31:50 GMT

Thanks I appreciate all the info guys. I only have 2 student loans total balance is only around $1800.00 when I consalidate these loans who should I contact to do so and When I do if I pay the full amount in one lump sum do you think that would remove all the late pays on my CR that is showing up under the Sallie Mae account? or should I just continue making the payments after the loans are conslidated?

Re: Student Loan

Anonymous — Wed, 20 Jun 2007 15:37:35 GMT

@Anonymous wrote:
Thanks I appreciate all the info guys. I only have 2 student loans total balance is only around $1800.00 when I consolidate these loans who should I contact to do so and When I do if I pay the full amount in one lump sum do you think that would remove all the late pays on my CR that is showing up under the Sallie Mae account? or should I just continue making the payments after the loans are consolidated?

Pay it off- after you have at least 6-9 months of clean payments
Then dispute "Never late"

Don't bother consolidating on $1800

Re: Student Loan

Anonymous — Wed, 20 Jun 2007 15:43:54 GMT

ive paid clean for 3 months Ill pay 3 more then pay off the balance,,,Ive just heard that sallie mae will not in any instance remove late pays,,,just thought that coslidating them with another company would be esier to get the late pays removed....these are killing my credit score...uuuughhhhhhh!!!!!

Re: Student Loan

Anonymous — Wed, 20 Jun 2007 16:58:04 GMT

i'll trade ya my student loans for yours.

Re: Student Loan

Anonymous — Wed, 20 Jun 2007 17:52:19 GMT

you know i only owe 1800 if they would remove the lates id pay them 3000 to bad you cant do this kind of agreements with stuff like this..hahah if you could Id be above the 800 club..lol