topic Defaulted student loan reporting Information for members (Information from AES/PHEAA) in Student Loans

Defaulted student loan reporting Information for members (Information from AES/PHEAA)

Student_Loans_Kill — Wed, 29 Feb 2012 14:49:27 GMT

Defaulted studentloans are Federal Debt, and the Federal guidelines state, they will remain on credit report 6 years 9 months from the date of Default. This is a Federal debt and under Federal law, therefore the 5 year NY reporting law does not apply.

So 6.9 years from the original Default they come off. Now hardship, retroactive forbarence and GW letters may take this off sooner

Re: Defaulted student loan reporting Information for members (Information from AES/PHEAA)

Anonymous — Wed, 29 Feb 2012 15:00:15 GMT

thats fine and dandy, but mine are paid and or rehabbed. 3 paid by income tax offset and they are reporting open 120 days late. those where paid off last year and the ones that were rehabbed I just got an alert that they were changed to paid as agreed with all the lates still there.

Re: Defaulted student loan reporting Information for members (Information from AES/PHEAA)

Student_Loans_Kill — Wed, 29 Feb 2012 15:05:44 GMT

Not sure what that has to do with 6 years 9 months from original Default

Re: Defaulted student loan reporting Information for members (Information from AES/PHEAA)

atarvuzdar — Tue, 06 Mar 2012 19:12:07 GMT

@Student_Loans_Kill wrote:
Defaulted studentloans are Federal Debt, and the Federal guidelines state, they will remain on credit report 6 years 9 months from the date of Default. This is a Federal debt and under Federal law, therefore the 5 year NY reporting law does not apply.

So 6.9 years from the original Default they come off. Now hardship, retroactive forbarence and GW letters may take this off sooner

Assuming what AES told you is true, I would say the info should be taken with a big helping of YMMV here. I'm in NY, one of my TL's on EQ was a Dept of Ed loan reporting as sent to Collections. DOLA was 2/2007, balance showed $0 and it just dropped off my report in 2/2012--exactly 5 years from DOLA. This follows the NY reports paid CO/CA for 5 year logic. I don't know enough to know if the CRA should have removed it, but I'm not going to call and complain.

Re: Defaulted student loan reporting Information for members (Information from AES/PHEAA)

Student_Loans_Kill — Tue, 06 Mar 2012 19:17:33 GMT

Its a Federal Loan, doesnt follow the state Guildines of 5 years, I live in NY as Well. You have to dispute DoFD with the CRA's I am learning.