Completed my Perkins Loan rehab

[foeplay]

I rehabbed a bunch of federal student loans earlier this year, but I was never aware that you could also rehab Perkins Loans so I started paying the collection agency $100 a month back in October of last year. I then found CB and started monitoring my credit reports and this loan was only reporting on EX so I've managed to get by even though my EX is shot. I started to notice that my balance was going down on the account, but I was getting a red X every month instead of a green OK so that's what prompted me to do research and found out about rehab. I called up the CA and they put me on a rehab payment plan and sent me a letter agreeing to it and the start date was set to when I called in (March). They refused to backdate it which annoyed the crap out of me.

 

Fast forward to now and I'm trying to take a course at my university this semester and I had a hold on registration due to defaulting. I went to see if I could get my hold lifted and the financial aid counselor said no, then I told him the story about how I have already made like 10 payments to them and they are expecting 4 more which was ridiculous because they didn't advise me about rehab due to wanting to collect more money. So my counselor called them as well as my servicing company to see what he could do and today he called me and said the loan has been recalled from the CA, my rehab marked as complete and that my CR should be fixed the next time the servicing company reports. It also brought my balance down from $1300 to $1008, so it got rid of a bunch of collection costs. My payments are now $120 every three months. Anyway, I'm stoaked and wanted to share my story.

[snowpuppy]

Congrats!

 

Make sure you get a letter from the Perkins office at the school where you received the funds that states the loan is in good standing after rehab.

 

Just in case the little bugger shows up somewhere in the future.

[foeplay]

My rehab finally posted on my EX. I was under the impression that it would clean up the derogs, but what it did was remove the entire tradeline! It's good because I lost the negatives, but I lost the entire history as well!

It was only reported on my EX, so perhaps the loan just doesn't report at all only if you go negative on it similar to cable bills etc?

 

Ugh, it was opened in 2000 which is why this really sucks!

 

It took my FAKO from 627 to 682. If only we could buy EX FICOs.