opened 1991 - defaulted 2001 - consol. 2004

[goal07]

The guaranty agency is listed on my CR with open dates 11/2001 and closed 1/2002 as Paid collection due to fall off 10/2008.

 

NSLDS states defaulted unresolved 11/16/01 then paid off in consolidation 2/25/2004 for this same loan.

 

Since this was consolidated, shouldn't it fall off CR 7 years from DOFD leading to default? Isn't a loan defaulted after 270 days late---which would mean this should not currently be listed on my CR's, correct?

 

Thanks in advance!

[LynnInMN]

The guaranty agency is listed on my CR with open dates 11/2001 and closed 1/2002 as Paid collection due to fall off 10/2008.

 

NSLDS states defaulted unresolved 11/16/01 then paid off in consolidation 2/25/2004 for this same loan.

Since this was consolidated, shouldn't it fall off CR 7 years from DOFD leading to default? Isn't a loan defaulted after 270 days late---which would mean this should not currently be listed on my CR's, correct?

 

 

Nope. DOFD doesnt apply to student loans. The SOL goes by your default date. So 11/08 is when it should fall off. The regs from the HEA are posted at the top of this forum.

 

Thanks in advance!

Edited July 8, 2007 by LynnInMN

[goal07]

thanks...I guess I am reading too much...everytime I think I understand, I don't. I don't mean to sound "dumb"...I've read the HEA and many other posts, many, many times...maybe that's the problem, I am reading too much???

 

Is a 120 day late and a 180 day late are considered "default" even if the word "default" or claim filed with government is not on the CR? I am trying to figure out where the 270 days comes in play in defaults.

 

Consolidation of SL's with late payments that don't go into default status does not restart the 7 years, correct? Or, is it every loan, whether it is "late" or has already entered default status, will remain on CR for 7 years from date claim is paid in full?

 

These two posts are confusing the heck out of me...

http://creditboards.com/forums/index.php?s...t&p=2394184

http://creditboards.com/forums/index.php?s...t&p=2255679

 

Again, sorry if I am totally missing the boat here I am just wanting to make sure I understand.

Thanks in advance!

[goal07]

Bump