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Are any or all of these loan accounts serviced through Nelnet?
The lines that have NO in them are reporting okay, the blanks should have a flag that shows it as a negative history. The header on that column is "negative history"
UPDATE!!!!
Well this is kind of a not so exciting update but an update none the less. I completed student loan rehab in the first week of August and I was told my loan was already placed on the list for pickup and that I should have recieved info by mail from AES explaining the new terms and what they would delete from my reports. That was suppose to happen by August 15th. The 15th came and went and I decided to call windham professionals and get an update on the 18th and they told me that my loan would be picked up on the 28th of August. Well,I called on the 28th and they said it wasn't picked up yet and it would now be picked up on the 6th of september (which is tomorrow). The problem is that since it is now september I have to keep paying unfortunately so they tried to debit my account yesterday with a card they had on file and it got declined. Now under normal circumstances usually a company will call you if a payment comes back declined but not windham professionals. So I called them today to check the status of my loan and they said that its not on the list to be picked up anymore because my paym,ent was declined and I have to make the payment before they put it back on the list. I told the lady "but I already finished the 9 month program...this is a 10th payment that should have no bearing on wether my loan gets picked up". She replied with "AES won't pick up your loan if they see that one of your payments was declined so we have to have you make it up so your file still shows "in good standing" when they look at it.
Though I was upset about being set back by a payment that is after the required amount for rehab I still understood her logic and I set up a payment for next week. So I am once again waiting and I am sure that after I make that payment on the 13th of this month I be waiting again. So like I said before its not really a postive update but its and update nonetheless.
@Kathy4NU wrote:The way I understood it is that only the loans that you are paying on through rehab will have the negative removed.
If you had other loans that were consolidated and than rehabed the negative tradelines in the original loan before consolidation will bot be removed.
I have 4 loans being reported. One was never late and was included in consolidation, one was defaulted on and included in consolidation. Two are the result of the consolidation and are defaulted on. I am currently in rehab (month 4). The two that all my loan amounts are consolidated in will have the negatives removed and updated once rehab is done. The one that has negatives but reflects a zero balance because I consolidated it will remain with negatives in it (that one is 6 years old for me). The one that was paid in full due to consolidation will remain as is.
I was not speaking to loans that were consolidated. I was originally asking if original loans, originally serviced by nelnet, resulted in the nelnet accounts being removed or negative tradelines updated to good status once default and rehabilitation were completed. I have heard nelnet is a super stickler and will not remove or update the original accounts and I have also heard that people have had adjustments. There seems to be nelnet employees on this board too leaving 'nelnet never adjusts correct reporting' fud around.
@deefink1 wrote:UPDATE!!!!
Well this is kind of a not so exciting update but an update none the less. I completed student loan rehab in the first week of August and I was told my loan was already placed on the list for pickup and that I should have recieved info by mail from AES explaining the new terms and what they would delete from my reports. That was suppose to happen by August 15th. The 15th came and went and I decided to call windham professionals and get an update on the 18th and they told me that my loan would be picked up on the 28th of August. Well,I called on the 28th and they said it wasn't picked up yet and it would now be picked up on the 6th of september (which is tomorrow). The problem is that since it is now september I have to keep paying unfortunately so they tried to debit my account yesterday with a card they had on file and it got declined. Now under normal circumstances usually a company will call you if a payment comes back declined but not windham professionals. So I called them today to check the status of my loan and they said that its not on the list to be picked up anymore because my paym,ent was declined and I have to make the payment before they put it back on the list. I told the lady "but I already finished the 9 month program...this is a 10th payment that should have no bearing on wether my loan gets picked up". She replied with "AES won't pick up your loan if they see that one of your payments was declined so we have to have you make it up so your file still shows "in good standing" when they look at it.
Though I was upset about being set back by a payment that is after the required amount for rehab I still understood her logic and I set up a payment for next week. So I am once again waiting and I am sure that after I make that payment on the 13th of this month I be waiting again. So like I said before its not really a postive update but its and update nonetheless.
Oh, that is really disheartening. I'm sorry you're having to go through that. Did they say where the holdup was happening? There were some highly publicized "operational problems" at the DOE this Spring for borrowers transitioning out of rehabilitation, but reportedly the problems were fixed back in May and by June they were working on addressing the backlog. I'm a little worried that the problems aren't as "fixed" as I'd hoped. I'm due to make my 9th payment next week.
Also, I'm fine if I have to continue payments (although dang, that's not ideal) but I'm unnerved at the idea that I won't know which day they'll be debiting my checking account. My payments were scheduled to line up with my paychecks, so they're not the same day each month. If nothing else, I'm hopeful that they'll take me off the tax refund intercept list ASAP.
Hang in there, DF! I'll keep my fingers crossed for you.
Invincible Summer2,
It is disheartening isn't it? I've been getting different repsonses regarding the hold up in loan pickups but based on what other poeple have gone through on this forum it seems to vary widely by the lender.I've been told that AES specifically posts the dates they will pick up each loan on the 15th of every month but if that was truly the case I wouldn't be in the situation I'm in right now because every one of those dates I was given were complete B.S. and the first date was actually Aug 15th. Either that or some computer somewhere spits them out automatically and their just so behind they don't go and correct the dates the computer is spitting out. The only great thing is that I'm on the end of a long journey that many newcomers in this forum are just starting AND I HAVE TO EMPHASIZE "STAY THE COURSE" because once you do it will truly pay off big time based on many of the success stories posted here.
I'm about to start rehab, what happens after the 9 to 12 months, when someone picks it up is the interest lower? I owe $8500 now. Pioneer collection told me to pay $130 a month for nine months and some one will pick it up from there. That scared me I told her I need time to think about. Original loan was from sallie may in 1999 for $3900. Jp Morgan chase was the sevicer. Any in put is helpful before I go ahead and begin. Thanks in advance
I don't know if the interest is lower, but rehab can be a good way to get your loans out of default. Basically, you agree to a payment plan and make a minimum of nine on-time payments. At the end, your credit report is updated so that the default remarks are removed from your credit report. You also become eligible again for federal repayment options like income-based and income-contingent repayment.
My loan is from 2008, so the interest rate will be 6.8%. I think that's the max...
One other thing: make sure you only agree to a payment that is realistic for your budget. You can only rehab once, so don't waste it. The loan may take a few months longer to get picked up again once it comes out of rehab, judging from what people are experiencing. What are you scared of? In my case, the defaulted student loans are by far the worst thing on my report. It was scarier to leave them than to do the rehab.
Here is my update "rehab loan"
I rehabbed my loan on August 15, 2012 Great Lakes was my servicer; Goal financial was the holder of the loan, at the time (somewhat confusing"). Great Lakes were great in removing all damaging trade lines, in a prompt and responsible way; by September 1 all 3 reports were deleted completely. However, Goal financial trade lines are showing in several place loans for total amount and they split the amount in two separate places. They are also showing in GOVT: default. I talked with Great Lakes and they said I should talk with Goal or Credit agencies. I talked with Goal and they said they need the Credit agencies to contact them to do anything SIC! I put in request with all 3 agencies to ask them to remove the trade line and I am presently waiting for the results. My new lender is on line now and Great Lakes are again the servicer. I paid the first payment, in advance, and updated all methods of payment. I look good so far, and the Great Lakes site says my Goal financial loans or loan are paid off. That might be an indicator that it will now show positive and paid and current instead of showing defaults, and late payments. To answer the question about interest payments I accumulated 32, 000 dollars in interest and added payments on my loan which is now at 209, 000 that’s right folks I will be paying this nut for the rest of my life if I live past 83, I will be loan free or if any part of this loan is forgiven i will be forever grateful. I will let everyone know the outcome of Goal financial hold on my report (also they reported on my loans even when they were not servicing them anymore updating them monthly like they were theirs.
UPDATE!!!!
MY LOAN HAS BEEN PICKED UP!!!!
WOOHOO!!!!
I got an email from AES this morning congratulating me for completing the rehabliitation program and explaining how to set up the automatic debiting with them. So I called Windham professionals since I had to payments scheduled for them this week and they said those payments have been deleted and I am no longer in rehab. I CAN'T STOP SMILING....THIS HAS TRULY MADE MY WEEK!!!!
STAY THE COURSE!......I will update here as soon as I see some changes to my CR.