I rehabbed my Federal loans (two Nelnet and one Sallie Mae) several years ago. It was finally time to start seeing the pesky string of 120/90/60/30 day lates drop off, which is something I've been looking forward to for a long, long time. This was one solid string of lates, with no interruption, for the six or seven months immediately prior to the accounts going into default.
Based upon everything I'd read, I anticipated these lates would drop one at a time, month by month, as each one aged off. Imagine my surprise when they all dropped off my Nelnet tradelines at once!
Nothing at all has happened with the Sallie Mae lates yet. I need to take a look and do some comparing between my current CR and one from a few months ago to see if those are, indeed, dropping off one at a time, or if it's simply not quite time yet for anything to happen.
I thought I would post this here to share my experience and give hope to my fellow Nelnet rehabees :-)
Could you please be more specific with what dates these lates occurred. When you originally defaulted. Also, when you began and completed rehab?
Did you experience this on one CR or all three? (Technically all four since SLs appear on Innovis too.)
I never defaulted but I have a string of lates from when I reached forbearance timelimits, never was notified that I was in repayment, did not have money to pay at the time any way. In a 2 year period I have 20 late payment remarks. I finally was able to begin paying which kept me from defaulting, however, I carried a past due sum for nearly a year while I paid it down. Late payment remarks for each one of those months I paid.
I really wish I could get some help getting these off of my CRs. I'd like to buy a house for my children and I soon. Everyone sees this two year history from '09-'11 that is major derog nearly the entire time. I feel like I'm not getting any home loans soon.
I send in letters and emails to Nelnet executives. I'm pretty sure none of them ever get read by anyone with an important position or the power to do anything at all.
All of my dropped off at once they told me as soon as my loans where rehabed all the negatives would drop off. I am so thankful it works that way or my credit would be ruined for years.
Unfortunately it seems like avoiding default by making payments was the worst thing that I could have ever done. I really need external help here. It is solely my SL negatives on only my Nelnet serviced undergraduate loans that are keeping my scores below 700. A long streak of major derogatorily that will haunt me for 5 more years if I don't get these off. I'm so being held down by this.
I wish I would have just defaulted in summer of '09. It seems like i would be in a much better place by now, atleast my negative history would be completely off in 3.5 to 4 years instead of 5. I feel like I was punished by doing the proper thing and paying my loans to avoid default.
For all of you out there. Be careful with forbearance and deferment. There are limits on the amount of time you can continue postpone repayment. Nelnet never told me any of this. The just "lost" my communications to them and never sent me any notice that I was in repayment and not eligible for forbearance any more.