Rehab finished!

[xerces]

Yay, got my official "Congratulations" letter today and set myself up on the 'standard repayment plan' with payments about 1/4th of those I was paying in rehab (didn't know enough to haggle when I first signed up for it nearly a year ago).

 

It feels great to put this behind me. Really.

[hamb3296]

Congratulations!!!!

[RonMexico]

Great news! I'm still trying to figure mine out..but I think I'm getting skrewed!!

[LynnInMN]

Great news! I'm still trying to figure mine out..but I think I'm getting skrewed!!

 

 

Why would you think you are getting screwed?? Rehab is straight forward. You make payments for 12 months (soon to be 9).Once rehabbed the balance is amortized over the remaining 9 years.

[RonMexico]

Great news! I'm still trying to figure mine out..but I think I'm getting skrewed!!

 

 

Why would you think you are getting screwed?? Rehab is straight forward. You make payments for 12 months (soon to be 9).Once rehabbed the balance is amortized over the remaining 9 years.

 

 

Student loans is the one thing that I can't grasp. It makes my head hurt

 

I am in rehab with a Perkins loan for a few more months. It was less than $500 but the fees and interest put it over $1000(could have setteled for less, but gambled on rehab). The original TL from my school fell last month(past 7 years) and then re-appeared a few weeks later. After the year is up I will have paid it off with nothing left to pay on. Now I am affraid that the TL will be re-aged and stay on for another 7 years.

 

I have had great luck with all other aspects of my credit work, but I don't get this....errrr.

 

ps-I meant that I may have skrewed myself

Edited June 16, 2006 by RonMexico

[LynnInMN]

Ron...you are not rehabbing your loan. You are simply paying it off. In order to rehab, there must be a $1000 minimum balance left to rehabilitate after you make the 12 payments. Sounds like the account did re-age and will continue to report.

[RonMexico]

Ron...you are not rehabbing your loan. You are simply paying it off. In order to rehab, there must be a $1000 minimum balance left to rehabilitate after you make the 12 payments. Sounds like the account did re-age and will continue to report.

 

 

I signed a rehab agreement, does that matter?

[LynnInMN]

Ron...you are not rehabbing your loan. You are simply paying it off. In order to rehab, there must be a $1000 minimum balance left to rehabilitate after you make the 12 payments. Sounds like the account did re-age and will continue to report.

 

 

I signed a rehab agreement, does that matter?

 

 

By law, there has to be sometime to rehab!! You cant rehab a loan that no longer exists!

[RonMexico]

Ron...you are not rehabbing your loan. You are simply paying it off. In order to rehab, there must be a $1000 minimum balance left to rehabilitate after you make the 12 payments. Sounds like the account did re-age and will continue to report.

 

 

I signed a rehab agreement, does that matter?

 

 

By law, there has to be sometime to rehab!! You cant rehab a loan that no longer exists!

 

 

Now you see where the skrewed part comes in

 

 

I read the agreement and it does not say anything about having to have a certain amount left over. Oh well, lesson learned, the hard way. Time to start writing my goodwill letter to my school.