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When will Rehab end

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New Visitor

When will Rehab end

My wife started her student loan rehab in Feb and made her first payment. Early in Oct we made the 9th payment. Shouldn't stuff be happening about now or do we wait another month?

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Regular Contributor

Re: When will Rehab end

Honestly, I would have expected some movement by now. The Dept of Ed defaults were removed from my credit reports about two weeks after my final rehab payment, with my loans transferred to Great Lakes a week after that. Maybe some servicers move a bit slower than others?

 

I do remember the wait being agonzing after that final payment. Then, things started happening and my scores really shot up. I hope the same happens for your wife!




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Valued Contributor

Re: When will Rehab end


@Tooleman wrote:

My wife started her student loan rehab in Feb and made her first payment. Early in Oct we made the 9th payment. Shouldn't stuff be happening about now or do we wait another month?


Who was the rehab(s) with?

 

Since it has been a month since the last payment was made, I would start reaching out yourself to the servicer(s) that did your rehab(s). Do not sit idle and wait for them to reach out to you. That is how people end up defaulting again or starting their newly picked up SLs with lates on their CRs. 




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Message 3 of 6
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Established Member

Re: When will Rehab end

I'm in the same boat. Started the rehab in Feb and last payment was October. I called my loan servicer and they said it was in transition/processing and that I would hear something soon but that it did show I had completed the rehab. A friend of mine did the rehab with the same servicer a year prior and said they seen it update the following month and that their credit jumped up when it did. So I'm anxiously waiting. 

update: called my loan servicer and they said my loan will still be handled by the same company and it's scheduled to convert back on 11/19, a month after I made my last rehab payment. I hope this means they will update the credit bureaus this month. 

My Wallet:
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Re: When will Rehab end

Well this week all the collection accounts got removed, my wife scores went up about 50 points across the board. Wondering what will happen when the new loans report. Her credit file is really thin. Current sitting in the mid to high 600s. Only one credit card with a zero balance reporting.

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Contributor

Re: When will Rehab end

@Tooleman Congrats to your dw on successfully rehabbing her student loans! Also she might want to look to add a few cards (for fico scoring its recommended to have 3 cards and 1 installment loan, could be an auto/personal/student/mortgage loan).

 

Do you mind if I ask how old were the original loans? Did any negative student loan accounts with lates remain after the update?

 

Also the removal occurred after the 9th payment?

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