When does the negative TL fall off of a consolidated student loan

[cammy5]

I defaulted around 2003 on some federal unsubsidized SL's (about $18K total). I just filled out the paperwork to consolidate them and am sending in my tax returns for the income based payment option. After they are consolidated and the Dept of Ed is paid off, how should they be listed on my credit reports? I assume they will be listed with the Dept of Ed tradeline as 'paid in full/zero balance', but how long with the late payment/baddie portion remain. They are listed to 'fall off' my TU and EX in Sept of 2010....will they fall off then or will consolidating and 'making a payment' in essence reage them to where they wont be obsolete until 7 years from when they are consolidated???

[Stryker]

I would guess seven years from when they were incurred.

[LynnInMN]

I defaulted around 2003 on some federal unsubsidized SL's (about $18K total). I just filled out the paperwork to consolidate them and am sending in my tax returns for the income based payment option.

To my knowledge, you do not send in tax returns. They can access the IRS data base to cross reference it. Also, do your app online...less chance of errors.

After they are consolidated and the Dept of Ed is paid off, how should they be listed on my credit reports? I assume they will be listed with the Dept of Ed tradeline as 'paid in full/zero balance', but how long with the late payment/baddie portion remain. They are listed to 'fall off' my TU and EX in Sept of 2010....will they fall off then or will consolidating and 'making a payment' in essence reage them to where they wont be obsolete until 7 years from when they are consolidated???

 

THe negative tradeline will remain 7 years from your default date. They will be listed as zero balance, government claim paid.[/quote]

Edited May 15, 2008 by LynnInMN