topic Re: Student loan reporting? in Rebuilding Your Credit

Student loan reporting?

Anonymous — Tue, 19 Feb 2013 19:37:21 GMT

Can anyone tell me how consolidated student loans should be reported? I have six federal loans with Sallie Mae that I consolidated back in 2008, but on my credit file, each of the six loans is a separate tradeline. They all report as open, with balances. The kicker is that I missed some payments in 2010, so all six tradelines are reflecting the same late marks (I imagine my FICO score is taking quite a beating for this).

From what I read so far, I think there should be a new tradeline reflecting the sum of the consolidated loans, and the original loans should reflect a transferred /closed status... am I wrong?

Re: Student loan reporting?

Anonymous — Tue, 19 Feb 2013 20:02:02 GMT

I am anxious to see your responses, as I have the same situation. My old student loans report at 120+ past due but the accounts are paid off with consolidation.

Re: Student loan reporting?

Anonymous — Tue, 19 Feb 2013 23:17:26 GMT

Bump. Anyone?

Re: Student loan reporting?

Anonymous — Tue, 19 Feb 2013 23:50:17 GMT

In the process of fed consol myself but my 5 defaulted accts have already aged off CRs so I'm not much help sorry.

Re: Student loan reporting?

remethy — Tue, 19 Feb 2013 23:59:03 GMT

the old loans will show as closed, but the lates still show up.

Re: Student loan reporting?

Anonymous — Wed, 20 Feb 2013 00:17:52 GMT

Mine don't report as closed.

Re: Student loan reporting?

Anonymous — Wed, 20 Feb 2013 01:14:18 GMT

remethy, does the "new" consolidated loan show as asingle tradeline

Re: Student loan reporting?

Anonymous — Wed, 20 Feb 2013 02:43:56 GMT

Each loan will still be reported, along with the payment history, but, should show closed, transferred to another lender or something along those lines, and a 0 balance.

Re: Student loan reporting?

ficophobic — Wed, 20 Feb 2013 04:44:39 GMT

My consolidated loans are reporting as 2 tradelines. Both had 2 late pays listed and all 4 late pays were removed yesterday. Try filing a complaint with the FSA Ombudsman.

Re: Student loan reporting?

Anonymous — Wed, 20 Feb 2013 05:26:15 GMT

Please pardon my "thickness", but I want to ensure I am understanding this correctly:

1. All six of my loans should report transfered / closed, along with a $0 balance, after the date of consolidation.

2. Repayment history for each loan prior to consolidation will be reported, but not after?

3. Should the consolidated loans be reported under a totally separate tradeline?

Thanks in advance

Re: Student loan reporting?

Anonymous — Wed, 20 Feb 2013 05:27:56 GMT

Yes, to all three.

Re: Student loan reporting?

Anonymous — Wed, 20 Feb 2013 12:48:24 GMT

Thanks for clarifying that. Sounds like I may need to have a talk with Sallie Mae.

Re: Student loan reporting?

remethy — Wed, 20 Feb 2013 13:58:29 GMT

my consolidated loan shows as two tradelines - one for the subsidized portion of the consolidated loan and one for the unsubsidized portion. And then my old loans still show as 6 or 7 separate tradelines, which show zero balance and say something like paid/closed/transferred to another lender. Hope that helps!

Re: Student loan reporting?

Kixforpa — Wed, 20 Feb 2013 14:41:12 GMT

Please pardon my "thickness", but I want to ensure I am understanding this correctly:

1. All six of my loans should report transfered / closed, along with a $0 balance, after the date of consolidation. My loans do report closed.

2. Repayment history for each loan prior to consolidation will be reported, but not after? This is also my case.

3. Should the consolidated loans be reported under a totally separate tradeline? I have 4 Sallie Mae and 4 USA Funds and they are reflecting baddies and killing me. I have contacted Sallie Mae like crazy and they will not budge!

Re: Student loan reporting?

Anonymous — Wed, 20 Feb 2013 15:45:57 GMT

Yeah, my problem is that my loans are reporting as if they were never consolidated - each tradeline is reflected as open, with a balance. The challenge is going to be getting Sallie Mae to properly update the reporting - I am thinking that since I consolidated prior to the late payments in 2010, those late marks should be removed from the six tradelines, but report on the "new" consolidated tradeline... this is so confusing

Re: Student loan reporting?

Anonymous — Mon, 25 Feb 2013 03:55:25 GMT

Thanks everyone for your responses. I did some more digging, and was bummed to discover that my student loans were never actually consolidated. Sallie Mae denied my application, but sent the denial letter to an old address. Nevertheless, it is my own epic fail for not following up. Needless to say, I am applying for consolidation through Direct Loans ASAP. I suppose my only recourse now is to send a GW to good ole Sallie and pray that she has mercy on this pitiful soul.