@LynnInMN wrote:
Student loans do not do PFD....again it goes back to federal law that ALL valid lates must be reported.
W-e-e-e-l-l-l. that's not really fair to say. I've read the HEA and it doesn't say
THAT exactly. I think it's more fair to say that that's how SL servicers and lenders
interpret the HEA.
I'm not, nor have ever been, involved with the student loan industry, but I do know basic law and know that the HEA, like any other Fed regulation, law, statute, etc, is open to interpretation. And there's nothing in the HEA that specifically states that the SL industry MUST report lates ... only that they have to report accurate info if they report derogatory information. Meaning, they can only report lates if the borrower HAS been late.
And FTR, the same "regulation" exists for the financial/NON-student loan lending industry, however, the forums are full of situations where lates HAVE been removed.
OP: VERY, very, very few people have had luck GWing on SLs. They do tend to interpret the HEA to mean that they MUST report lates, but I don't think there's any harm in GWing. Who knows? You may get lucky!!
Best of luck!!!
