Hi:

I have a charged-off private student loan from Wells Fargo. I'm wondering if they have a rehabilitation program. I tried to call them, but they're closed today.

Any tips on doing this?

Thanks.

To my knowledge, private loans do not have a rehab option. How old is this SL; when did it charge off? Have you been contacted by a CA?

From a quick google search, I found that there are some who offer a rehab option. This loan is quite recent; it just has been in the charge-off status for about a month.

CA? what's that?

I could either settle or try to rehabilitate it. And have been thinking of pros and cons on the credit report. Any advice?

Thanks

To my knowledge, no private lender offers rehabilitation. There is no legal requirement for them to do so. They are also unlikely to settle on an account that has only been in default a month or so. If they do settle, the results will be very minimal.

If a private student loan is in a charge-off status, can they continue to charge you any interest rate? Are there any other fees that are being added monthly/annually?

When you default on a private loan, interest does continue to accrue plus collection fees are added as well. Refer to the terms of your prom note.