What is considered the open date of a student loan?

[keekee]

Is it considered the date you first received a disbursement or when you go in to repayment? This is for a federally subsidized loan which was paid in a consolidation in 2001

 

California Student Aid keeps on verifying the opening date at the day it went into default 1997. It was not consolidated before 2001. Status is paid collection account (not listed as a collection in report).

 

- Keekee

[jane]

Funny, I just asked this very question to Sallie Mae couple days ago. The opening date is the date you get your very first check dispursement for that loan #.

 

Jane

[keekee]

Jane,

 

Thanks for the info.

 

I was told in a letter from an OC that the default paid loan will continue to be reported to CRA's till 7 years after default per Higher Education Act, section 403A(f) and FCRA Section 605©.

 

Does anyone know if this is the case? I thought for that after 1997 the clock starts at the delinquincy's preceding the charge 0ff's/default.

 

Thanks in advance.

 

-Keekee

[eeyore]

Did you consolidate when you were in default? If so, yes, that's the way it will report. If you rehabilitated then consolidated, then no, it should report as paid in full.

[keekee]

Eeyore

 

Yes i consolidated after default. looks like the date of default is when my seven year clock starts.

oh well.

 

Thanks