Full Version: I don't get it
I admit I don't know anything about the rehab program, but from what I've read, why should somebody who was so late on their student loans be given an option to rehab, and have all the negative items removed, when someone with a 3o or 60 day late once, is stuck for 7 years?
QUOTE(gillsans @ Nov 17 2007, 04:56 PM) 
I admit I don't know anything about the rehab program, but from what I've read, why should somebody who was so late on their student loans be given an option to rehab, and have all the negative items removed, when someone with a 3o or 60 day late once, is stuck for 7 years?
To rehab you have to be in default. Default gives you TWO negative tradelines...the defaulting lender/servicer AND the guarantor. When you rehab, only the guarantor is required to remove the negatives. The original lender/servicers lates still remain.
QUOTE(LynnInMN @ Nov 17 2007, 07:50 PM)
QUOTE(gillsans @ Nov 17 2007, 04:56 PM)
I admit I don't know anything about the rehab program, but from what I've read, why should somebody who was so late on their student loans be given an option to rehab, and have all the negative items removed, when someone with a 3o or 60 day late once, is stuck for 7 years?
To rehab you have to be in default. Default gives you TWO negative tradelines...the defaulting lender/servicer AND the guarantor. When you rehab, only the guarantor is required to remove the negatives. The original lender/servicers lates still remain.
Default = screwed with no lube. Rehab = the lube.
=)
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