Defaulted AES PHEAA Student loan

[evidenceofevolution]

I have a question. I had two loans from AES / PHEAA that were guaranteed student loans and they went into default. Terry educational services is handling them now. The seven years is almost up next year in February.

 

Will they get removed from my credit report after the seven years or do these loans stay on my record indefinitely.

 

One of them was for 500 dollars and I settled for 300. Hes supposed to send me a letter saying they will show it as current and paid once they receive my payment. Still waiting for it in the mail.

 

The other was for 5000 and he wants to put me on a soft collection program. Should i just wait the 7 years on the ladder in hopes that it will go away or work out a payment plan under the condition that they will mark it as current and paid or paying?

 

 

PHEAA-HELP

PO Box 2461

Harrisburg, PA-171052461

(717) 720-2471

 

Date of Last Activity: 12/2002

[evidenceofevolution]

why can't anyone answer this question....it's so frustrating. they guy sent me a letter about the settlement agreement but said nothing about removing the item and or marking it as never late, paid in full. sigh

[LynnInMN]

I have a question. I had two loans from AES / PHEAA that were guaranteed student loans and they went into default. Terry educational services is handling them now. The seven years is almost up next year in February.

 

Will they get removed from my credit report after the seven years or do these loans stay on my record indefinitely.

 

After 7 years they will age off.

 

One of them was for 500 dollars and I settled for 300. Hes supposed to send me a letter saying they will show it as current and paid once they receive my payment. Still waiting for it in the mail.

 

A settled default is not a current acccount. It is a settled default.

 

The other was for 5000 and he wants to put me on a soft collection program. Should i just wait the 7 years on the ladder in hopes that it will go away or work out a payment plan under the condition that they will mark it as current and paid or paying?

 

Guaranteed student loans NEVER go away. No SOL. Nor with they mark it was current or paid. You cannot set any conditions.

 

If you do not get into repayment soon, you will find your loan subrogated to the Department of Ed ith the reporting cycle starting all over again for another 7 years.

[LynnInMN]

why can't anyone answer this question....it's so frustrating. they guy sent me a letter about the settlement agreement but said nothing about removing the item and or marking it as never late, paid in full. sigh

 

That is all you will get for government guaranteed loans. They are required by law to report accurately and factually.

[evidenceofevolution]

So Lynn,

 

Once they receive my settlement payment, then what? It's scheduled to fall off in February 08. Will they start the seven years over again even though they received the settlement payment for the student loan?

 

From what you are saying, I guess the best thing I can do is just pay them right? and maybe hope it will fall off after the seven years lol

 

or am I doomed once they receive payment that the seven year cycle starts over again?

 

and my last question I promise...how will this effect my credit score once they receive my payment?