Delinquent Account

[Longroad]

I have a terrible situation involving student loans on my kids. The student loans are in their names, but I have been paying them and due to a lot of different circumstances all of my fault they just reported as 90 days late. But it shows on my kids credit reports. They are now current, but it has had a major impact on their scores and now I am afraid it will keep them from being able to purchase a home. Is there any way for me to get this fixed or have I ruined their credit?

[GreatLife]

Can't offer any advice about student loans because I'm fortunate to never have any - my parents got tired of writing checks while I goofed off and partied instead of studying. They laid down the hammer, told me to pay for it myself and get a d*mn job. So I got an entry level corporate job with tuition reimbursement and switched from day to night classes. Then one day said to myself 'why keep going to school when I already work here and have a good job?'. After about 5 years I was earning 6 figures with just some college credits but no degree. My point is there's more than 1 way to obtain an education, and things in life tend to be more valued when someone is directly involved. I think credit 'temporarily harmed' is more appropriate than "ruined". The kids scores will eventually recover and this could be an opportunity for them to learn some great credit life skills during the recovery time. If they're old enough for college then you're probably at an age that really should be effectively planning financial resources for a not too distant future older age. My perspective would be gathering available info & options to bring the student loans current and/or restructure, then do an all hands on deck family meeting to hash it all out and everyone develop a game plan for going forward. Good Luck

[Patient957]

@Longroad 

You can try requesting a goodwill deletion from the lender.  There is a lot of information and data points on this board about goodwill campaigns by using the seaech function.

If they are federally backed loans, I believe goodwill deletion is not allowed until after the loans are paid off.  I was able to get a goodwill deletion from Nelnet/Sloan 6 months after I made my final payment.

If they are private student loans, you can try for goodwill anytime.  No guarantees, obviously.  With goodwill, you just have to be persistent and also get lucky, so YMMV.

Going forward, you may want to put the responsibility for payment of the student loans onto your kids, where IMO it belongs.  Or *they* may want to take the responsibility.  After all, it's *their* credit on the line.   You can still pay for their student loans, but it should be their responsibility to make sure it gets done, not yours.  You're generous enough to pay for the loans, so why should you also have to bear the full responsibility?  Aren't they adults now?

Who is the lender?

[Longroad]

Mohela and Aidvantage are the lenders. 

[Patient957]

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@Longroad wrote:

Mohela and Aidvantage are the lenders. 

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Here is a thread about goodwill success with Mohela.  It's an old thread, but it's something.  

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/My-first-ever-GW-attempt-immediate-success/m...

I didn't spend that much time searching.  You may be able to find newer threads with your own search.  Good luck!

[James3]

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Going forward, you may want to put the responsibility for payment of the student loans onto your kids, where IMO it belongs.  Or *they* may want to take the responsibility.  After all, it's *their* credit on the line.   You can still pay for their student loans, but it should be their responsibility to make sure it gets done, not yours.  You're generous enough to pay for the loans, so why should you also have to bear the full responsibility?  Aren't they adults now?

Who is the lender?

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@Longroad 's adult children should be more involved in the process of figuring out whether this situation can be "fixed". If each student took responsibility for his own credit score this situation would be a lot less likely to happen again. If they can't manage student loans on their own, how will they approach the responsibilities of a mortgage/house?