topic Re: Student Loans in Rebuilding Your Credit

Student Loans

Anonymous — Tue, 22 Mar 2016 19:10:53 GMT

A majority of my student loans have been paid off, but when they got paid off the time clock started ticking on them and now they will hurt me until 2024 as they have many late payments on them. This seems like forever. The last two loans that I have are being rehabilitaed and I have just a short time left until the 10 months has been completed. Has anyone here experienced loan rehabilitation and if so how did it help your credit if helping it at all?

Re: Student Loans

RobertEG — Tue, 22 Mar 2016 19:42:49 GMT

Are they private student loans?

What are the dates of the reported late payments?

Re: Student Loans

Anonymous — Tue, 22 Mar 2016 19:54:55 GMT

@RobertEG wrote:
Are they private student loans?
What are the dates of the reported late payments?

The Sallie Mae was first reported late in Feb 2012 and paid off in Feb 2014. CB says it will stay on my account for 10 years from the date it was paid and closed. They did however say that in 2018 the late payments would come off and it would be a positive on my report. Seems so long. The Loans that I am currently rehabilitating are Federal Loans and show a first late payment in Feb 2014 and even though I make monthly payments to rehabilitate show a late payment in Feb 2016.

Re: Student Loans

Anonymous — Thu, 24 Mar 2016 04:00:29 GMT

bumping back up for advice!

Re: Student Loans

Anonymous — Fri, 25 Mar 2016 22:41:38 GMT

anyone ever done the rehabilitation program?

Re: Student Loans

Anonymous — Sat, 26 Mar 2016 15:52:23 GMT

Hi, I did the federal loan rehab program. I believe I had a 30-40 pt increase after I completed my 9 months of payments.

Re: Student Loans

Anonymous — Sat, 26 Mar 2016 16:06:52 GMT

@Anonymous wrote:
A majority of my student loans have been paid off, but when they got paid off the time clock started ticking on them and now they will hurt me until 2024 as they have many late payments on them. This seems like forever. The last two loans that I have are being rehabilitaed and I have just a short time left until the 10 months has been completed. Has anyone here experienced loan rehabilitation and if so how did it help your credit if helping it at all?

They will not hurt you until 2024. The reported late payments will each drop off individually as they reach seven years. When the last one drops off the account will become a POSITIVE account, helping your credit until ten years from the date it was paid off.

Re: Student Loans

Anonymous — Sat, 26 Mar 2016 19:14:11 GMT

Ty for the replies =D .. I look forward then to seeing a credit boost from these rehabilitated loans. These loans have weighed the heaviest on me debt wise and im glad to almost be done with them. I did not realize that the individual late payments fall off after 7 years. That leaves some hope left for myself and my credit.