I have filled out the paperworkd to enter the rehab program for my defauled federal student loans. In reading that programs guidlines, as well as numerous posts here, it is my understanding that after completing the rehab program for 9+ months the, the guarantor updates your account info to 'paid/ pays as agreed' or something similar. This is currently (as of December 2007) how it is reporting on my TransUnion credit report.....KY Higher Edu Asst Auth #XXXXXXXXXXXXXXXXXXXXXXX
Balance: $2,283..........................Pay Status: >Collection Account<
Date Updated: 10/2007.......................Acct Type: OPEN ACCOUNT
High Balance: $1,536..........................Responsibility: Individual Account
Collateral: 07 Regions Bank..........Date Open: 12/2003
Loan Type: Stu Loan............................Date Closed: 02/2004
Past Due: >$2,283<
Remarks: >Placed for Collection<
Estimated date that this item will be removed: 11/2010
I have the following questions:
1) Is the 'guarantor' the Dept of Education (apparently also noted at Kentucky Higher Education Authority in my area) and the 'original lender/servicer' in my case Regions Bank?
2) Once rehabbed, how exactly does the Dept of Edu list your loans? Does it list them as 'current/pays as agreed' AND never late, or do the late payment history remain?
3) I suppose I did have some bit of 'beginners luck' when I first disupted some info on my credit reports since some of the first items to be deleted were the Regions Bank TLs. At the time, they were listed as 'claim filed with govt/120+ days late'. There are all now deleted and in the past year have not reappeared. Is this (Regions Bank) the original lender/servicer that everyone seems to say will not delete/change their reporting of your TL?
As with many here I assume, I look back at my younger days and shake my head at how I was irresponsible and let this get way out of hand, but I suppose the only thing to do now is look forward to the future and try to rectify this situation as best I can (with your help ofcourse!).
