I am so happy.. My student loan officially rehabbed as of today. The last payment came out of my account today. The collection agency said that as soon as they have confirmation that payment is cleared, they forward my info to the Feds and another company takes over.

1) How long does it take to get the info from the new company on payment info?

2) How long does it take to reflect on my credit that my student loan is now in good standing?

3) Anyone why has successfully rehabbed their loan, how much of an impact did it make on your credit? I'm at about 600. Still have about 4 baddies, totalling under $10K. This loan will drop down to about $7K owing, from a starting balance of $10K. All of my baddies are OLD OLD OLD, like 6 years old. I'm hoping this might put me into close to prime territory and that I can actually get a 'real' credit card.

[quote name='LynnInMN' date='Jan 31 2007, 05:42 PM' post='2044226']
[quote name='KatyG' post='2044158' date='Jan 31 2007, 04:09 PM']
I am so happy.. My student loan officially rehabbed as of today. The last payment came out of my account today.

Whoa....you are NOT rehabbed yet. You have only qualified for rehab, which is the hardest part! Keep in mind you may need to make a 10th payment.


[/quote]

When I spoke with the collection agency, they told me that they had cancelled my 10th payment and I should receive info from the new company that will take the loan over by the 2nd week of February. Is there a possibility I will still need to make this?

Also, if I don't hear by the 2nd week, should I contact the original collection agency who helped me through the rehab and tell them to take the money, cause I have not heard anything? I really don't want to screw this up!

Last, my taxes are currently set to be 'grabbed' by the Feds due to the defaulted loan. Is there a way for me to check to see when they've taken that lien off, so I can file? Thanks!

I don't know if this helps, but because I am in rehab, I've been receiving letters saying that tax offsets that had been put on my loans have been taken off.

If you don't mind calling the IRS this is the number I was given by KHEAA to find out the status of my offset - 800-829-1040

Here is the number to call the Treasury Offset Program to see if there is an offset on you: 1-800-304-3107.