I have read and searched this forum and I don't see a post that fits my specific issue. Here goes:
I got a SL back in early 90's may 91 or 92. defaulted. made a couple of payments defaulted again. It was on my credit report -- Van Ru. Van Ru contacted me a couple of times about rehabbing or consolidating. Even sent me paper work. I never followed through with any of it. Fast fwd to Feb/ Mar 2006. I get a letter from my school ( Contorller Office) saying they are going to "assign my FPL to DoE if I don't respond. Well I responded. Got a Rehab agreement on my school's letterhead/Financial Aid office. My 12th payment is due 3/1/07 and I will proably make the 13th payment just to be on the safe side.

My Rehab agreement says once rehabbed I will:
"1. Be returned to current status and will no longer be conidered delinquent
2. Have all credut bureau historeis regarding the defaulted loan removed
3. Extend up to 9 years payments ( doesn't apply bal is will be less than $1200)
4. Receive the remaining rights and responbilities under the exisiitng promissory note."

So whaddaya think about # 2 and #4. Do you think I'll keep my origination date on my credit report( and 10+ years of history) or will it just not report at all???

Anyone with a similar experience???

Once you default, you would need to rehab in order to be able to default again. And once you've successfully rehabbed you cannot rehab again...sounds like you just defaulted once (unless there is some special rule for Perkins loans that I don't know about).


In any case, I think:

-If you continue making your payments after rehab, and pay off the loan, 7 years since they first reported it (with default notation removed).

-If you default after rehab...7 years from when you default.

For anyone interested.
Completed my 12th Rehab payment with ECSI 2-20-07 which was due for March 1. So here is the first of the month. Waiting anxiously to see what my credit report looks like. BTW pulled TU 2 days ago was 673 I think. ( May need to edit that). ECSI reports to Innovis(huh??) TU and Experian. We shall see.

Oh yeah. They reduced my payment to $30.
Heck I was only paying $60 to begin with but I'll take it.