How long will a student loan hurt my credit

[fezwhy]

I have a cosigned loan in default. When this is paid off how long will it appear as negative? Or will it report positive once more payments start on it? I want to buy a house in 3 years but can't do so yet.

[Involver]

If your loan is in default the first and most important thing you will want to do if you are interested in minimizing the negative impact of the loan is to rehabilitate it.

If your loan is federally-backed, contact the CA who is responsible for your loan and inquire about it.

[Involver]

Also to answer your initial question, the negative remarks and payment history will remain for 7 years from the date of default.

[fezwhy]

Unfortunately it's a sally mae private loan so rehab probably won't be possible. The loan is currently in collection. The loan originator is clueless about contacting them to setup a payment plan and using the Internet. I will be helping her get this resolved but not financially.

[NursePurse]

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@fezwhy wrote:
I have a cosigned loan in default. When this is paid off how long will it appear as negative? Or will it report positive once more payments start on it? I want to buy a house in 3 years but can't do so yet.

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The information posted in the link below is information that I could have only hoped to have prior to consolidating my student loans before they went into default. It looks like first rehabing the loans, and then consolidating the loans is the right way to go. If the loans are consolidated before rehabing them, they will not be removed from the credit report.

If the defaulted loans are rehabed first, it looks as if the loans will not report as negative after the rehabilitation process

http://studentaid.ed.gov/repay-loans/default/get-out