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Did The Fed Govt forgive my SLs; CLOSE them on Experian??

Back2Reality
Frequent Contributor

Did The Fed Govt forgive my SLs; CLOSE them on Experian??

Joking!

 

I have Experian premier in addition to MyFICO. Today Experian alerts me to changes and my score climbs 26 points. 

AND: all 27 student loans (all current) are "closed". I know that FedLoan who is servicing these loans is giving up on the student loan business (which all banks should do just to protest LOL!), so I'm wondering if they are being transferred to a new servicer? 

no other CRAs are reporting this (yet?).

 

 EDIT: I forgot to mention that I'm starting law school so maybe this is how Deferment gets posted? 

attached it just one loan to give an example

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Recent INQs:




GOALS 2021:
• [___] $75k revolving CL
• [_X_] Apple Card (too sexy not to have)
• [___] AZEO enforced
• [___] Build Emergency fund to 2x monthly
• [___] FICO 8 670: [___]EX [___]TU [__X__]EQ
Message 1 of 6
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LawStudentCivilis
Established Contributor

Re: Did The Fed Govt forgive my SLs; CLOSE them on Experian??

OP, if you are able I would definitely pay off any small balanced loans such as these.  It has nearly doubled in amount. I would get rid of these by paying them off then shift my focus to paying down any larger loans.

 

In my experience, no deferment does not cause student loans to report as closed.

Message 2 of 6
calyx
Super Contributor

Re: Did The Fed Govt forgive my SLs; CLOSE them on Experian??

The loans shouldn't reports as closed when they're deferred, but we've seen loans do that through the CARES forebearance, so it could be a glitch of that kind.


I have a loan with FedLoan as well, but it's still alive and kickin' on the CRAs.   I got notification from them that they were going to stop servicing loans when the contract ends, but no word on who the new servicer will be.  Until they sort that out, I don't think they'd report anything interesting (previous experience tells me I'll find out who my new servicer is and when my account will be switched over).

F8 EQ: 804 | EX: 781 | TU: 782 | Accounts: 2/6 3/12 7/24 | Reporting: AZE10
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 3 of 6
Back2Reality
Frequent Contributor

Re: Did The Fed Govt forgive my SLs; CLOSE them on Experian??

I think my loans are in deferment/forbearance due to grad school coming up, but so far, only Experian is showing this. My FedLoan account shows deferred status.

 

@LawStudentCivilis absolutely want to do this! The challenge is that it is not clear on FedLoan's site or app how to actually do this; I've tried to add an extra to every monthly payment directed somewhere, but it never worked. And good luck trying to get anyone on the phone




Recent INQs:




GOALS 2021:
• [___] $75k revolving CL
• [_X_] Apple Card (too sexy not to have)
• [___] AZEO enforced
• [___] Build Emergency fund to 2x monthly
• [___] FICO 8 670: [___]EX [___]TU [__X__]EQ
Message 4 of 6
LawStudentCivilis
Established Contributor

Re: Did The Fed Govt forgive my SLs; CLOSE them on Experian??


@Back2Reality wrote:

I think my loans are in deferment/forbearance due to grad school coming up, but so far, only Experian is showing this. My FedLoan account shows deferred status.

 

@LawStudentCivilis absolutely want to do this! The challenge is that it is not clear on FedLoan's site or app how to actually do this; I've tried to add an extra to every monthly payment directed somewhere, but it never worked. And good luck trying to get anyone on the phone


I don't know anything about FedLoan unfortunately. My advice would be to get your statement and follow the instructions on how to mail payment.  That way it has to be accepted.  I would pay as much as you are able, and/or pay off.  It would be a pity to start with a $500 balance and it grows to the low thousands by the time you graduate.  I have seen in passing FedLoan is no longer servicing their loans.  As soon as you are aware of the new servicer, I would follow their statement instructions like I stated above. I think this would bypass the issue you're running into. Good luck OP!

Message 5 of 6
Rudy1
Frequent Contributor

Re: Did The Fed Govt forgive my SLs; CLOSE them on Experian??

I don't believe it should be reporting as closed especially if you aren't with your new servicer yet. I don't believe deferment is posted that way for one of my children's federal loans which was deferred during school they all appear as open just with no monthly payment like yours saying $0. As the others said it may be a glitch however. I know that the Deapartment of Ed is transffering some groups of FedLoan borrowers to MOHELA(Missouri Higher Education Loan Authority.) They are also transfering some other groups of FedLoan borrowers to Navient, Edfinancial, and Nelnet.


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