I've previously sent a GW letter to SallieMae but was told that they change any information. They suggested that I enter customer comments on my report. I don't think that will help and from what I've read in other threads some people here seem to agree with me. So I'm trying to get a feel to see if anyone here has had any recent luck as I intend to send another letter. I settled my loan back in November of 2017 and it shows on my report as account settled for less than full amount. According to SM this is not a negative but I know that at least Barclays disagrees. Shockingly I recently prequalified for a handful of Chase cards and I want to pull the trigger but not until I get this issue resolved since prequalifying doesn't guarantee approval.
Sallie Mae is not known to do GW request. I searched everywhere and found no success stories. Even going back to 2005. Even with the search bar above. Anyone who asked got 0 responces. Nada. So I wish you luck. But dont expect much. Sorry wish I could find better news. But its better paid than owed. And it will be up to the UW's if settled for less than owed is acceptable. Good Luck!
Were you delinquent on the loan prior to settling for less than the remaining balance?
If so, what derogs were reported on the account?
What did your good will request ask for deletion of? Certain derogs, the entire account.....?
Provisions of the Higher Education Act require that payment history derogs must be reported on certain types of federal student loans, which prohibits their subjective deletion by way of grant of a good-will deletion.
Was it a federal student loan, and if so, what type?
Yes, I was delinquent prior to settling for less. I'll be honest - there were a lot of derogs. I was trying to pay on the loan while in school and obviously failed. I was delinquent numerous times after I couldn't continue keep up with my part time job and school. I asked for it to be removed or reflected as paid. Equifax shows the status as "charge off", Transunion shows "payment after charge off/collection", and Experian shows "account legally paid in full for less than the full balance". It was a private student loan. My federal loans are with Great Lakes. SM insists that they cannot alter any information, especially since my account is closed. I feel like I shouldn't have settled but I just wanted the problem to go away. Hindsight is 20/20.