Higher Education Act, Read it, Know it, Embrace it - It is your friend Options

[TxQuiltGirl]

http://www.ed.gov/policy/highered/leg/hea98/HR6.pdf

This is the part most people are looking for ...

Notwithstanding paragraphs (4) and (6) (FOOTNOTE 1) of subsection (a) of section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)(4), (a)(6)), a consumer reporting agency may make a report containing information received from the Secretary or a guaranty agency, eligible lender, or subsequent holder regarding the status of a borrower's defaulted account on a loan guaranteed under this part until -



(1) 7 years from the date on which the Secretary or the agency

paid a claim to the holder on the guaranty;

(2) 7 years from the date the Secretary, guaranty agency,

eligible lender, or subsequent holder first reported the account

to the consumer reporting agency; or

(3) in the case of a borrower who reenters repayment after

defaulting on a loan and subsequently goes into default on such

loan, 7 years from the date the loan entered default such

subsequent time.

[Googie]