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wishful thinking about those never-to-be-forgiven 90 day lates?

Ellifino
New Contributor

wishful thinking about those never-to-be-forgiven 90 day lates?

Like so many of us, I have a ginormous amount of 90 day lates on my student loans (one for each semester!!) which I have given up on ever having removed before that magical 7 year moment.  But the verbiage in some of these articles gives me hope? Maybe?

 

https://www.cnbc.com/2022/04/11/millions-of-student-loan-borrowers-in-default-are-getting-a-fresh-st...

From the Education Department:  "borrowers will be granted a ”‘fresh start’ on repayment by eliminating the impact of delinquency and default".

 

Do you think that that might mean *all* 90 day lates?  Maybe?

 

Doesn't sound like anyone knows the deets yet, but a girl can dream, right?

Fico Scores: EQ 742 (8/2014), TU 732 (8/2014), EX 731 (8/2014)
Starting Scores: EQ 593 (12/2011)
Goal Score: 750 on all three
My Wallet: Amex BCP $2000 / Chase Freedom $1000 / Chase Slate $2000 / AAFP Bank of America Cash Rewards $1000 / Capital One: $3300 / Amazon Store Card: $1100 / Target: $800 / Walmart: $850 / PayPal SmartConnect: $500
Message 1 of 6
5 REPLIES 5
dragontears
Senior Contributor

Re: wishful thinking about those never-to-be-forgiven 90 day lates?


@Ellifino wrote:

Like so many of us, I have a ginormous amount of 90 day lates on my student loans (one for each semester!!) which I have given up on ever having removed before that magical 7 year moment.  But the verbiage in some of these articles gives me hope? Maybe?

 

https://www.cnbc.com/2022/04/11/millions-of-student-loan-borrowers-in-default-are-getting-a-fresh-st...

From the Education Department:  "borrowers will be granted a ”‘fresh start’ on repayment by eliminating the impact of delinquency and default".

 

Do you think that that might mean *all* 90 day lates?  Maybe?

 

Doesn't sound like anyone knows the deets yet, but a girl can dream, right?


You can dream but don't hold your breath, default doesn't mean lates.. ..

Message 2 of 6
Ellifino
New Contributor

Re: wishful thinking about those never-to-be-forgiven 90 day lates?

But delinquencies *do* mean lates, and they explicitly mention delinquencies...

Fico Scores: EQ 742 (8/2014), TU 732 (8/2014), EX 731 (8/2014)
Starting Scores: EQ 593 (12/2011)
Goal Score: 750 on all three
My Wallet: Amex BCP $2000 / Chase Freedom $1000 / Chase Slate $2000 / AAFP Bank of America Cash Rewards $1000 / Capital One: $3300 / Amazon Store Card: $1100 / Target: $800 / Walmart: $850 / PayPal SmartConnect: $500
Message 3 of 6
calyx
Super Contributor

Re: wishful thinking about those never-to-be-forgiven 90 day lates?

Concur on the wishful thinking.  
They'd actually need to alter the HEA to make those lates go away, and bringing current is definitely not the same as removing lates.

F8 EQ: 802 | EX: 779 | TU: 791 | Accounts: 0/6 2/12 6/24 | Reporting: AZE8
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 4 of 6
pizzadude
Moderator

Re: wishful thinking about those never-to-be-forgiven 90 day lates?

I think we may have to wait and see on this -- the announcement has the wording below, but from a credit reporting perspective I don't know how this will be implemented as the details haven't been made clear yet:

 

"This includes allowing all borrowers with paused loans to receive a “fresh start” on repayment by eliminating the impact of delinquency and default and allowing them to reenter repayment in good standing"

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 5 of 6
lns1976
Regular Contributor

Re: wishful thinking about those never-to-be-forgiven 90 day lates?

They did this for me 6 or 7 years ago on "Defaulted" student loans that I rehabbed in order to fix my credit and give me the option of returning to college if I choose.

 

Upon completion of the rehabilitation of my loans all the old loans were wiped from my report and replaced with the same loans, but all good payment history on an IBR repayment plan.

 

I didn't have "some lates", I hadn't made a payment in 4 or 5 years when I entered rehab on my loans.  They were fully in default so this is not the same thing as a late payment.


Fico 8 3/27/2022 EX: 611
Vantage TU/EQ 3/26/2022: 613/613
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