Nelnet late oayments

[Anonymous]

I’m wonder if anyone has had luck getting late payments removed with Nelnet? I let them slip to 120 days past due (yikes) I’m current now, and this was the only time I was ever late. Also, in paying these off approx 27k, what’s the best way to tackle this? Just trying to get a handle on my financial situation! Thanks in advance!!

[Anonymous]

I would tackle why you got behind on your payments first. In my case it was difficulty paying not just in cash flow for the actual amounts but having no internet, no checking and no credit card in order to pay. It has been much easier after I rehabbed the loan and pay It out of my checking now. If you are having cash flow problems Id tackle that. Even just paying one month ahead and having it advance your due date but continuing to pay instead off waiting will help you out and give you some room. If its a matter of remembering put it on autopay on a dedicated account try that. SoFi has great refinance rates I'm looking into myself (mine are @ 6.8) because I see adding 50$ to my payments will pay it off in 5 years instead of ten. How to TRY to get the latest removed...Are they recent? Did you check to see if you had any deferments that they might "postdate" to clear the lates? Explain to them if you didnt know about them you couldnt use them and I may be mistaken but they are required to tell you what options are available. After using all my deferments and I had never paid on the loans I saw they had dissappeared entirely off my reports about 5 years ago. When I rehabbed them through Performant two years ago they were still not on there and were never added back so only the newer one with with perfect payments to Navient shows (the loan was also with them before I defaulted but doesn't show) it shows the original opening date and true age of my loans but only 18 months of payment history. I may just be one of the lucky ones. But I would check into rehabbing the loans if you get behind again.

[Anonymous]

I’m current now, I deferred some but apparently not all because I had lost my job. Working full time again so paying them isn’t a problem. They were in good standing prior, thanks for the info about refinancing and paying a little additional to get them paid off faster! I’ll try calling to see if they offer any forgiveness with late payments

[Anonymous]

Any advice on this topic would be great. I have the same problem. 

[RobertEG]

Certain federal student loans have mandatory requirments under the Higher Education Act that derogs must be reported to the CRAs.

Thus, they are precluded from voluntary deletion by the lendor as a matter of law.

The Higher Education Act additionally exempts the normal exclusion of derogs at their normal 7'ish year exclusion period until the debt is repaid, so not only must they report, but there is no exclusion of the derogs while the loan remains open/unpaid.

[Anonymous]

Based off of what I just read. If you pay the derogs/student loans off. Can you then ask for the deletion or do I still have to wait for 7 years? 

[beutiful5678]

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@Anonymous wrote:

Based off of what I just read. If you pay the derogs/student loans off. Can you then ask for the deletion or do I still have to wait for 7 years? 

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I think it is 7 years or until they're paid off, whichever is greater.

[Anonymous]

7 years matches the dates when mine went off my reports So now I'm sure it had nothing to do with my rehab at all. And would show lates if it hadnt aged off while my loan was in purgatory waiting to be picked back up. The 12 year old account is really helping my score though. Im still glad i rehabbed it and don't have to worry about garnishment.

[RobertEG]

The FCRA establishes the required exclusion of monthly delinquencies no later than 7 years from the date of delinquency.

The CRAs exclude all monthly delinquencies in a common chain once the first delinquency reaches 7 years.

The Higher Education Act exempts the FCRA exclusion provisions until the loan is paid in full.

Thereafter, the normal credit report exclusion provisions of the FCRA kick back in.

Thus, once you pay the loan, the CRA will exclude all monthly delinquencies in a common chain once the date from initial delinquency reaches 7 years.