Need Assistance - Multiple Student Loans Defaulted

[Humbled82]

Hello group

I have multiple defaulted student loans and I dont really know how to start to fix them. I have gone to school twice and had to apply for loans during my terms at school. First time I had to leave school because of family matters and the second time I had to leave school because I could not afford it after a job layoff. Below is some details to the loans. Any advice or guidance would be greatly appreciated.

Number of Accounts: 14
13 of the accounts are: Direct
1 of the accounts is: Perkins
Loan Year Range (2000 - 2002): $4644.00
Loan Year Range (2011 - 2012): $32398.00

Total Student Loan Debt: $37042.00

Thank you in advance

[Adkins]

Have you considered rehabbing them? 

[Humbled82]

@Adkins 

Thank you for the reply back. I am not sure what the rehab process entails or how to start it. Do you happen to have any information I can read on rehabbing student loans? 

Thank you again

[Adkins]

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@Humbled82 wrote:

@Adkins 

Thank you for the reply back. I am not sure what the rehab process entails or how to start it. Do you happen to have any information I can read on rehabbing student loans? 

Thank you again

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I'd start at the official government website: https://studentaid.gov/manage-loans/default/get-out

[Humbled82]

@Adkins 

Thank you Adkins. I will start there and see what I can do to jumpt start this process. I really appreciate the assistance. 

[Adkins]

You're welcome! If you do a general "rehab" or "loan rehab success" search in this forum you should find some people's experiences to give you an idea of what to expect. 

[Humbled82]

@Adkins 

Thank you Adkins. I was able to contact my loan servicers and start my rehab process. Its was fairly easy and with the student loan pause I dont have to start paying back the loans after August 31st. 

Thank you again

[Adkins]

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@Humbled82 wrote:

@Adkins 

Thank you Adkins. I was able to contact my loan servicers and start my rehab process. Its was fairly easy and with the student loan pause I dont have to start paying back the loans after August 31st. 

Thank you again

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You're welcome!

[DLynn1920]

Thank you for the tip.
I am afraid if I rehab the loan, my score will drop considerably because all of that negative information will be active instead of "closed." Am I assuming correctly?

[Humbled82]

@DLynn1920 @Adkins 

Hi DLynn1920

I just recently started the rehab process, so I am waiting another 30 days to do a credit report pull to see what status my SL's will be updated to. So far as my current status (June 11 Credit Report Pull) on SL's are listed below:

EQUIFAX

• 14 accounts listed
• Status: Closed

EXPERIAN

• 14 accounts listed
• Status: Collection Account

Transunion

• 14 accounts listed
• Status: Collection Account

I plan on pulling my CR at the end of August, so I can let you know of the status change then. But if anyone on my thread can tell you any other details, hopefully they can give you an answer before me.