Rehab Finished, I think?

[Anonymous]

I started the process with FHCann at the end of last year after reading threads here. July was my last month of the rehab and I didn't think much of it because of everything going on. USPS sent me a letter from Fedloan, who the loan got transferred to, to update my contact information. I just got the time to do that, and I see that my loan was in fact transferred in the beginning of August based on the letter in my inbox. (Aug. 5th to be exact) - I haven't seen any change to my credit, am I missing something? I guess my question is, will it and if not, what would be the cause of that? I have 4  loans showing the status: Forebearance

[chiefone4u]

Not 100% sure it applies to your situation, but FedLoan is honoring Trumps executive order for 0% interest and no payments on student loans through the end of 2020.

My student loans with them claim a payment isn't due until February 13, 2021 (I've been continuing to pay my normal payment through the whole forbearance period).

Be sure to make all of your payments in a timely fashion, as it's been my experience (from 2012 missed payments) that FedLoan Servicing doesn't do goodwill adjustments to late payments. As always YMMV.

[calyx]

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@Anonymous wrote:

I started the process with FHCann at the end of last year after reading threads here. July was my last month of the rehab and I didn't think much of it because of everything going on. USPS sent me a letter from Fedloan, who the loan got transferred to, to update my contact information. I just got the time to do that, and I see that my loan was in fact transferred in the beginning of August based on the letter in my inbox. (Aug. 5th to be exact) - I haven't seen any change to my credit, am I missing something? I guess my question is, will it and if not, what would be the cause of that? I have 4  loans showing the status: Forebearance

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Welcome to the wonderful world of "slow moving servicers"

All of your loans *should* be in forebearance unless you requested otherwise.   Due to the CARES Act & the Executive order extending the student loan forebearance & 0% interest provisions until the end of 2020.

Now is a great time to pay on your student loans, because 100% will be going to the principle, which will ultimately lower your interest (unless you're going for one of the forgiveness options, in which case paying doesn't do you much good).

As far as your credit report - you should have the four loans in good standing (& in forebearance).   Are the "open" dates the original?  And have any collections accounts been removed?  If so, you'd be good!    Rehab doesn't guarantee that lates will be removed (assuming lates were incurred within the last 7 years), but that happens sometimes (depending on the servicer).