Full Version: 30-day lates
I have my student loans handled in the past by AES or PHEAA. They never reported lates to the bureaus until they were 60 days. In other words, they didn't report 30 day lates. Is this standard practice for student loans, or something that is just particular to AES/PHEAA? Thanks.
QUOTE(alanshearer @ Nov 28 2007, 11:29 AM) 
Is this standard practice for student loans, or something that is just particular to AES/PHEAA? Thanks.
I've seen student loans reported 30 days for some people. DLS particularly.
Legally they are suppose to report you late if you are late. As a courtesy some do not until 60. No policy.
QUOTE
Code of Federal Regulations
Title 34: Education
PART 682—FEDERAL FAMILY EDUCATION LOAN (FFEL) PROGRAM
Subpart B—General Provisions
§ 682.208 Due diligence in servicing a loan:
(a) The loan servicing process includes reporting to national credit bureaus, responding to borrower inquiries, and establishing the terms of repayment.
(b)(1) An eligible lender of a FFEL loan shall report to at least one national credit bureau—
(i) The total amount of FFEL loans the lender has made to the borrower, within 90 days of each disbursement;
(ii) The outstanding balance of the loans;
(iii) Information concerning the repayment status of the loan, no less frequently than every 90 days or quarterly after a change in that status from current to delinquent;
(iv) The date the loan is fully repaid by, or on behalf of, the borrower, or discharged by reason of the borrower's death, bankruptcy, or total and permanent disability, within 90 days after that date;
(v) Other information required by law to be reported.
(2) An eligible lender that has acquired a FFEL loan shall report to at least one national credit bureau the information required by paragraph (b)(1)(ii)–(v) of this section within 90 days of its acquisition of the loan.
Title 34: Education
PART 682—FEDERAL FAMILY EDUCATION LOAN (FFEL) PROGRAM
Subpart B—General Provisions
§ 682.208 Due diligence in servicing a loan:
(a) The loan servicing process includes reporting to national credit bureaus, responding to borrower inquiries, and establishing the terms of repayment.
(b)(1) An eligible lender of a FFEL loan shall report to at least one national credit bureau—
(i) The total amount of FFEL loans the lender has made to the borrower, within 90 days of each disbursement;
(ii) The outstanding balance of the loans;
(iii) Information concerning the repayment status of the loan, no less frequently than every 90 days or quarterly after a change in that status from current to delinquent;
(iv) The date the loan is fully repaid by, or on behalf of, the borrower, or discharged by reason of the borrower's death, bankruptcy, or total and permanent disability, within 90 days after that date;
(v) Other information required by law to be reported.
(2) An eligible lender that has acquired a FFEL loan shall report to at least one national credit bureau the information required by paragraph (b)(1)(ii)–(v) of this section within 90 days of its acquisition of the loan.
Outside the part I boldfaced, it's a matter of the lender/servicer discretion, as long as their policy is reasonable and uniformly enforced.
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