I’ve got a student loan through US Dept of Education in the amount of $12K. For as long as I can remember I’ve been paying about $50 a month on most months. I went though 2 high-risk pregnancies so I was out of work for a period of time so during those months I may have skipped paying or only paid like $10.
Last spring I began efforts to clean my credit. My student loans show that I’ve been 120 days late like 6 times within the last two years. Some months it doesn’t report anything.
Last Oct. I called the office and they told me that my payment was like $112. I informed her that I’ve NEVER paid that amount and that it was my understanding that $50 was my payment. Long story short we set up a new payment plan and I haven’t been late since.
My Question – Is there a way to get these lates removed? 120 days late would imply that I’d go 4 months w/o paying 5 different times and that’s simply not true.
Please help!
;-)
Full Version: Removing lates from CR
QUOTE(AMarie @ Jan 18 2007, 12:21 PM) 
I’ve got a student loan through US Dept of Education in the amount of $12K. For as long as I can remember I’ve been paying about $50 a month on most months. I went though 2 high-risk pregnancies so I was out of work for a period of time so during those months I may have skipped paying or only paid like $10.
Last spring I began efforts to clean my credit. My student loans show that I’ve been 120 days late like 6 times within the last two years. Some months it doesn’t report anything.
Last Oct. I called the office and they told me that my payment was like $112. I informed her that I’ve NEVER paid that amount and that it was my understanding that $50 was my payment. Long story short we set up a new payment plan and I haven’t been late since.
My Question – Is there a way to get these lates removed? 120 days late would imply that I’d go 4 months w/o paying 5 different times and that’s simply not true.
Please help!
;-)
Last spring I began efforts to clean my credit. My student loans show that I’ve been 120 days late like 6 times within the last two years. Some months it doesn’t report anything.
Last Oct. I called the office and they told me that my payment was like $112. I informed her that I’ve NEVER paid that amount and that it was my understanding that $50 was my payment. Long story short we set up a new payment plan and I haven’t been late since.
My Question – Is there a way to get these lates removed? 120 days late would imply that I’d go 4 months w/o paying 5 different times and that’s simply not true.
Please help!
;-)
Nope. Paying $10.00 is not making your payment so you are considered late.
You should have called and asked for a deferment or forebearance during the time of financial hardship.
Hey Lynn:
Not to hijack a thread, but....
I consolidated some SL's in 2004 to Sallie Mae. DOE shows me late 60 days on 4/2002???
This is not true, I have called them several times about this, they can't (won't) send me any paperwork justifying the 60-day late, and still verify with the CRA's every time that I dispute.
What do I need to do, or who do I need to call to get this handled. I have never been late on my SL payments - period!
What gives?
Not to hijack a thread, but....
I consolidated some SL's in 2004 to Sallie Mae. DOE shows me late 60 days on 4/2002???
This is not true, I have called them several times about this, they can't (won't) send me any paperwork justifying the 60-day late, and still verify with the CRA's every time that I dispute.
What do I need to do, or who do I need to call to get this handled. I have never been late on my SL payments - period!
What gives?
QUOTE(Arkansas Hillbilly @ Jan 18 2007, 05:03 PM)
Hey Lynn:
Not to hijack a thread, but....
I consolidated some SL's in 2004 to Sallie Mae. DOE shows me late 60 days on 4/2002???
This is not true, I have called them several times about this, they can't (won't) send me any paperwork justifying the 60-day late, and still verify with the CRA's every time that I dispute.
What do I need to do, or who do I need to call to get this handled. I have never been late on my SL payments - period!
You can send a written request for your full payment history. If the payment history does not reflect payments you made send front and back copies of the checks they cashed.
If they stated over the phone that the reporting was not valid you can send them a current copy of your credit report showing the incorrect reporting.
What gives?
Not to hijack a thread, but....
I consolidated some SL's in 2004 to Sallie Mae. DOE shows me late 60 days on 4/2002???
This is not true, I have called them several times about this, they can't (won't) send me any paperwork justifying the 60-day late, and still verify with the CRA's every time that I dispute.
What do I need to do, or who do I need to call to get this handled. I have never been late on my SL payments - period!
You can send a written request for your full payment history. If the payment history does not reflect payments you made send front and back copies of the checks they cashed.
If they stated over the phone that the reporting was not valid you can send them a current copy of your credit report showing the incorrect reporting.
What gives?
QUOTE(AMarie @ Jan 18 2007, 01:21 PM)
For as long as I can remember I’ve been paying about $50 a month on most months. I went though 2 high-risk pregnancies so I was out of work for a period of time so during those months I may have skipped paying or only paid like $10.
What was the actual monthly amount due? The MINIMUM payment on most student loans is $50; the actual monthly payment is determined by your balance. This means that your actual monthly payment will be the amount needed to pay off your balance over the term of the loan, or $50, whichever is more.
Each and every month you don't pay or pay less then what is actually due makes you delinquent. You will continue to be delinquent until you pay the full amount to bring the account current, including all amounts due (and not paid) in previous months.
Last Oct. I called the office and they told me that my payment was like $112. I informed her that I’ve NEVER paid that amount and that it was my understanding that $50 was my payment. Long story short we set up a new payment plan and I haven’t been late since.
My Question – Is there a way to get these lates removed? 120 days late would imply that I’d go 4 months w/o paying 5 different times and that’s simply not true.
Actually, 120 days late would mean that you failed to pay 4 full monthly installments.
Example: Your payment is $100 per month.
Month: Amount you paid: Amount past due: # Months past due:
1 $50 $50 1
2 $50 $100 1
3 $50 $150 2
4 $50 $200 2
5 $50 $250 3
From my little chart above, you can see that someone can make a payment every month for 5 months and become 90 days delinquent easily.
It's your responsibility to pay whats due each month. If you cannot afford to pay you need to contact your lendor.
DE is required to report your payment history accurately.
You have not given any valid reason why your history is incorrect.
Please help!
;-)
What was the actual monthly amount due? The MINIMUM payment on most student loans is $50; the actual monthly payment is determined by your balance. This means that your actual monthly payment will be the amount needed to pay off your balance over the term of the loan, or $50, whichever is more.
Each and every month you don't pay or pay less then what is actually due makes you delinquent. You will continue to be delinquent until you pay the full amount to bring the account current, including all amounts due (and not paid) in previous months.
Last Oct. I called the office and they told me that my payment was like $112. I informed her that I’ve NEVER paid that amount and that it was my understanding that $50 was my payment. Long story short we set up a new payment plan and I haven’t been late since.
My Question – Is there a way to get these lates removed? 120 days late would imply that I’d go 4 months w/o paying 5 different times and that’s simply not true.
Actually, 120 days late would mean that you failed to pay 4 full monthly installments.
Example: Your payment is $100 per month.
Month: Amount you paid: Amount past due: # Months past due:
1 $50 $50 1
2 $50 $100 1
3 $50 $150 2
4 $50 $200 2
5 $50 $250 3
From my little chart above, you can see that someone can make a payment every month for 5 months and become 90 days delinquent easily.
It's your responsibility to pay whats due each month. If you cannot afford to pay you need to contact your lendor.
DE is required to report your payment history accurately.
You have not given any valid reason why your history is incorrect.
Please help!
;-)
QUOTE(Cynic @ Jan 18 2007, 07:21 PM)
QUOTE(Arkansas Hillbilly @ Jan 18 2007, 05:03 PM)
Hey Lynn:
Not to hijack a thread, but....
I consolidated some SL's in 2004 to Sallie Mae. DOE shows me late 60 days on 4/2002???
This is not true, I have called them several times about this, they can't (won't) send me any paperwork justifying the 60-day late, and still verify with the CRA's every time that I dispute.
What do I need to do, or who do I need to call to get this handled. I have never been late on my SL payments - period!
You can send a written request for your full payment history. If the payment history does not reflect payments you made send front and back copies of the checks they cashed.
If they stated over the phone that the reporting was not valid you can send them a current copy of your credit report showing the incorrect reporting.
What gives?
Thanks for the response - I have requested the full payment history a couple of times.....nothing seems to happen from here?
Thanks for your responses everyone!
Am I supposed to be making payments while going to school. The $12K was for when I went to school about 6 years ago. I have been taking part time classes off and on for a couple of years (I'm paying for these myself w/o any loans). I'm wondering because there are months where nothing is reported and then the next month I'm 60 days late.
Am I supposed to be making payments while going to school. The $12K was for when I went to school about 6 years ago. I have been taking part time classes off and on for a couple of years (I'm paying for these myself w/o any loans). I'm wondering because there are months where nothing is reported and then the next month I'm 60 days late.
QUOTE(AMarie @ Jan 19 2007, 12:55 PM)
Thanks for your responses everyone!
Am I supposed to be making payments while going to school. The $12K was for when I went to school about 6 years ago. I have been taking part time classes off and on for a couple of years (I'm paying for these myself w/o any loans). I'm wondering because there are months where nothing is reported and then the next month I'm 60 days late.
Am I supposed to be making payments while going to school. The $12K was for when I went to school about 6 years ago. I have been taking part time classes off and on for a couple of years (I'm paying for these myself w/o any loans). I'm wondering because there are months where nothing is reported and then the next month I'm 60 days late.
In school deferment can be granted while attending an eligible school at least half time (or full time for older loans).
Depending on the school, your loan holder may or may not automatically be notified.
If you want deferment while in school it's your responsibility to ensure your loan holder is notified of your enrollment status and provided with applicable supporting documentation.
QUOTE(Arkansas Hillbilly @ Jan 19 2007, 10:59 AM)
Thanks for the response - I have requested the full payment history a couple of times.....nothing seems to happen from here?
You mentioned telephoning them. As I previously stated, you need to make a formal written request. If you are unsure where to send it call them and ask. They should be able to advise you the correct address, and what information you need to include in your request. Due to privacy and legal issues, they may need your written authorization on file to send it to an address you specify in that authorization. Payment histories can include social security numbers, check numbers, acct and routing numbers, and other highly sensitive information.
Edited per duplicate of what I just posted. Oops!
What if I sent them a goodwill letter explaining that I was unaware of what my payment was. Would this work? I think I've read that others were able to get some deletes this way.
QUOTE(AMarie @ Jan 22 2007, 03:47 PM)
What if I sent them a goodwill letter explaining that I was unaware of what my payment was. Would this work? I think I've read that others were able to get some deletes this way.
Every once in a while someone gets lucky this way (not from DE, but from a private bank), but 99% of the time no, it does not work, with any lendor.
You've asked a number of questions that make it very clear that you have not done your homework on your student loans- that's your fault, not theirs.
I agree totally with Cynic..DOE is not going to adjust for your error. They really don't care much about goodwill...unlike a bank you won't be looking to them for other loan purposes like a car loan or mortgage.
This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please click here.