Student Loan Reporting Obligations

[Caddyshack]

What obligations do institutional Perkins loan lenders have before reporting late payments to credit bureaus?  Beyond mailing monthly statements, do they have certain notification requirements or is mailing a statement sufficient?  Do statements or voicemails need to expressly acknowledge that they are making an attempt to collect past due amounts or that non-payment may result in reports to credit bureaus?  

[dragontears]

Statements are enough. No lender (including student loan servicers) are required to contact you before reporting a late to the CRAs

[RobertEG]

Sections 461 - 469 of the Higher Education Act mandate that delinquencies on federal Perkins student loans be reported to the CRAs.

There is no discretion on their part, and it is a mandatory reporting requirement that has no additonal obligation for notice to the consumer.

Your loan agreement established compliance by both parties to statutory compliance with provisions of the Higher Education Act.

Section 463 of the Higher Education Act requires the educational institution to specifically agree to compliance with the conditions of the Act.

More specifically, the lendor must report delinquencies, and reported delinquencies are exempt from the normal 7 year exclusion requirements provided under the FCRA until the loan is repaid.