cancel
Showing results for 
Search instead for 
Did you mean: 

When will this student loan will age off? Dola or Dofd?

iowe
Regular Contributor

When will this student loan will age off? Dola or Dofd?

I have an old student loan through nelnet that was refinanced, but nelnet kept tagging me as late after they didn't hold the loan anymore. Smiley Frustrated

 

Anyway, I unsuccessfully tried disputing it. So I've been waiting for it to age off. Problem is, I'm not sure when that will be. I notice they tagged me again with a payment on time mark in march of the following year, I think just to jack me up a little more and make me have to wait longer. I never sent them any payments after the refinance. (Nelnet is the most incompetent and careless student loan servicer I've ever dealt with)

 

 

IMG_2940.jpg

Starting Score: 564
Current Score: 722
Goal Score: 850 by 1/2022


Take the MyFico Challenge 2021

Gardening until forever.
Message 1 of 14
13 REPLIES 13
radfam
Frequent Contributor

Re: When will this student loan will age off? Dola or Dofd?

When did you refinance the loan?  The lates from 2013 won't disappear solely because Nelnet is no longer the servicer.  Also I agree, Nelnet is the worst.

 

As a timeline, you can expect usually 7 years, sometimes 7.5, once it is closed.  To me, I would say 7y from Jan 2015, as that is when it says closed.  You don't have a DOFD since it went current (March 2014) after the deliquency occurred.

Fico 8 as of 11/13/19:



Message 2 of 14
gdale6
Moderator

Re: When will this student loan will age off? Dola or Dofd?

Looks like this closed in a paid as agreed status so each late is dropped as it hits its 7 year mark until the account becomes a complete positive after the final one is gone.

Message 3 of 14
RobertEG
Legendary Contributor

Re: When will this student loan will age off? Dola or Dofd?

The report shows only monthly delinquencies, with the chain of delinquency first reported as a 30-late in Jan 2013.

That means the account likely became delinquent in Dec 2012, as a reported 30-late has a date of one month after initial delinqency.

 

The exclusion of monthly delinquencies is covered under FCRA 605(a)(5), and is 7 years.

A 7 year plus 180 day exclusion period applies only to charge-offs and collections, and not to monthly delinquencies (see FCRA 605(a)(4)).

 

FCRA 605(a)(5) is a general exclusion provision that applies to "any other adverse item of information," such as monthly delinquencies.

It does not provide details as to the begin date of the 7 year period.

CRA interpretation of the exclusion of monthly delinquencies is that all monthly delinquencies in a common chain (i.e., based on the same initial date of delinquency) will become excluded after 7 years from the date of initial delinquency.

 

In the posted scenario, the date of initila delinquency would be Dec. 2012, with a first 30-late reported as Jan 2013.  All the reported monthly delinquencies reported on the same chain of delinquencies will become excluded after 7 years from the date of initial delinquency, which would be as of Jan 2020. 

Message 4 of 14
iowe
Regular Contributor

Re: When will this student loan will age off? Dola or Dofd?

I'm assuming you meant July instead of January, but I get what you're saying. Thanks for the response. 

Starting Score: 564
Current Score: 722
Goal Score: 850 by 1/2022


Take the MyFico Challenge 2021

Gardening until forever.
Message 5 of 14
MyDataMyChoice
Valued Contributor

Re: When will this student loan will age off? Dola or Dofd?

The 'Newest' late looks like Oct 2013...  that will drop off in 7 years....  Nov 2020

 

 

Is the balance $0.00?  Student loans don't just 'go away' even if they are off your credit.



+AU on: 2008 Sears MC $2,001 | 2016 SEARS Store Card $2,001 | 2011 Synchrony Home $5,500 | 2003 FNBO Visa $9,900 | 2008 Macys Amex $3,400 | 2008 Kohls $2,000 | 2008 JC Penny $500 | 2016 TJX Mastercard $1,500 | 2018 AAdvantage Aviator MC $5,600 | 2018 HSN $4,500
Member of: Andrews FCU | PENFED CU | SDFCU | Alliant CU | NASA FCU | NWFCU | Ally Bank | BofA | Merrill | Greenwood CU | Elements Financial CU | Ocean State CU | Wells Fargo | Citizens Bank | Chase Bank | RI Credit Union | US Financial FCU
Message 6 of 14
iowe
Regular Contributor

Re: When will this student loan will age off? Dola or Dofd?

Nelnet was paid off in a refinance. I moved it to Fedloan Servicing. 

Starting Score: 564
Current Score: 722
Goal Score: 850 by 1/2022


Take the MyFico Challenge 2021

Gardening until forever.
Message 7 of 14
RobertEG
Legendary Contributor

Re: When will this student loan will age off? Dola or Dofd?

Certain types of federal student loans are exempted from all of the normal credit report exclusion provisions of the FCRA until paid, and also require reporting to the CRAs based on exemption and requirment provisions of the Higher Education Act.

 

That means that if it is such a federal student loan, you cannot get a voluntary good-will deletion, and there is no credit report exclusion date/period running that will exclude derogs after, for example, 7 years.

Message 8 of 14
Titanup
Regular Contributor

Re: When will this student loan will age off? Dola or Dofd?

So it a defaulted loan is paid through consolidation will it age off or will late disappear until account is a positive?





img

Fico 9 exp 748 Tu 748
Message 9 of 14
iowe
Regular Contributor

Re: When will this student loan will age off? Dola or Dofd?

So if this is that type of loan, which I’m not sure of, the derogs remain forever?
Starting Score: 564
Current Score: 722
Goal Score: 850 by 1/2022


Take the MyFico Challenge 2021

Gardening until forever.
Message 10 of 14
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.