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Stud Loan (Ffelp) defaulted/sold to another lender. What happens when/if my loan is forgiven w PSLF?

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JM761
Regular Contributor

Stud Loan (Ffelp) defaulted/sold to another lender. What happens when/if my loan is forgiven w PSLF?

Good morning,

I searched the group and wasn't able to figure out an answer. I was hopiong one of you can help. 

 

I have 2 loans (Ffelp) that I took out in 2007. Originally with SallieMae, then Navient.

I paid them until 2019 and then defaulted.

Navient sold the loan to another company - Great Lakes/Ascendium

The derogatory mark on my credit reports is with Navient - $0 balance and it says: sold to another lender.

 

Yesterday, I found out I'm eligible for PSLF forgiveness if I consolidate my loan and get it out of default. I already have 120 payments made to the loans and have worked at an eligible employer for the past 16 years. It looks like I need to consolidate and apply (and then wait bc I know it takes forever)!

 

All of this makes sense and I'm excited to finally get back on track and clear this up.

 

My question is (and I'm grasping at straws here but I also don't exactly understand the behind the scenes of student loans):

 

When my loans are consolidated and forgiven, is there any way that Navient would delete the tradeline from the credit report? Or, is this like a typical charge off where you can't do anything to make it go away.

 

Currently, I have no active loans on my CR b/c they are in default.

 

Thanks for help with this confusing situation!

 

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