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do student loans fall off?

Established Member

do student loans fall off?

I'm wondering if student loan debts fall off your credit report.. I was getting ready to start a rehab program on them but one of them opened in May 2011 the other 2012 and the other 2014. 

 

I'm sure I can't pick and chose which ones I would like to rehab. 

 

They all only show a payment history for 2017 and just say FP not indicating how many days late.. 

 

Thoughts?? 

EX- 517 - | EQ-557 | TU-587

Just keep building... just keep building...
NFCU Secured - $500
Cap One Secured - $200
Message 1 of 7
6 REPLIES
Frequent Contributor

Re: do student loans fall off?

Depending on the type of loan they can fall off of your report, but not all of them do.  It is important to remember though, that just because they may be off of your report, you are still obligated to pay them back and will whether you like it or not!  They can take tax returns and garnish wages for not paying them.  Personally, I would rather set up the rehab agreement and take care of it!

 

FP means you failed to pay.  They are in default at this point, so they don't mark them with a derogatory day number, but creditors will know what that stands for.  

FICO8 Scores as of 8/8/17: EQ-643 TU-644 EX-629
Current FICO8 Scores as of54/7/18: EQ-668 TU-651 EX-652
Current Mortgage Scores: EQ-681 TU-655 EX-648
Goal: all FICO8s above 700

Credit Card Lineup: Capital One Quiksilver One - $850, Torrid - $3,000, Wayfair - $7,100, Victoria's Secret - $2,000, Overstock - $5,150, Discover it - $9,500, Amazon Store Card - $200, Capital One Platinum - $3,000, Care Credt - $1,500
Message 2 of 7
Established Member

Re: do student loans fall off?

thank you for the reply! I got the ball rolling on rehab.. I wasn't expecting the monthly payments to be so high. It would've been much easier to communicate with great lakes and get reasonable payments set up before it got to this point. oh well.. I need to buckle down and tackle this. 

EX- 517 - | EQ-557 | TU-587

Just keep building... just keep building...
NFCU Secured - $500
Cap One Secured - $200
Message 3 of 7
Frequent Contributor

Re: do student loans fall off?

If it makes you feel any better, my IBR payments after rehab are actually lower than what I was paying while doing the rehab.  It seemed like a lot to me at the time as well, but I made it work and now I am still paying the same amount even though I don't have to.  

FICO8 Scores as of 8/8/17: EQ-643 TU-644 EX-629
Current FICO8 Scores as of54/7/18: EQ-668 TU-651 EX-652
Current Mortgage Scores: EQ-681 TU-655 EX-648
Goal: all FICO8s above 700

Credit Card Lineup: Capital One Quiksilver One - $850, Torrid - $3,000, Wayfair - $7,100, Victoria's Secret - $2,000, Overstock - $5,150, Discover it - $9,500, Amazon Store Card - $200, Capital One Platinum - $3,000, Care Credt - $1,500
Message 4 of 7
Community Leader
Legendary Contributor

Re: do student loans fall off?

What is the specific type of the federal student loan?

Message 5 of 7
New Visitor

Re: do student loans fall off?

You can rebuild your credit.

Message 6 of 7
Established Member

Re: do student loans fall off?

it's a direct subsidized loan

EX- 517 - | EQ-557 | TU-587

Just keep building... just keep building...
NFCU Secured - $500
Cap One Secured - $200
Message 7 of 7