I have a few questions about reporting info and time limits. I have or had 4 student loans from 1990 and defaulted. I have since rehabed them and then went through a divorce... ouch! Defaulted again!!!!!!!!!!! I rehabed two of them and then paid for the required 3 months then consolidated all of them into one manageable loan. The original loans are being reported as paid collection but the status says 120+ DAYS PAST DUE. They have been rehabed and agreed to remove the balances and past due amounts but leave the history as well as the status to read 120+ DAYS PAST DUE.(they are the lender not the guarantor) For one is this right or what? I thought the status space was for the current status of the loan but they are telling me it is the status of what it was at last reporting 4 years ago. Also, the first time I didn't pay that lead to the default was prior to 2000, when do these come off my credit report? When I rehabbed them in Nov 2003 +7 years or July 1999 +7years?

Thanks for any and all replies!

[quote]I have a few questions about reporting info and time limits. I have or had 4 student loans from 1990 and defaulted. I have since rehabed them and then went through a divorce... ouch! Defaulted again!!!!!!!!!!! I rehabed two of them You re-rehabbed 2 of them? What happened to the other two? Actually, I didn't think you could rehab twice, but I learn something new every day... lol

and then paid for the required 3 months then consolidated all of them into one manageable loan. Never heard of a required 3 months of payment after rehab but before consolidation, but I'm guessing that was a requirement from your lender. So you consolidated all 4 loans (2 re-rehabbed, 2 others rehabbed then defaulted)?

The original loans are being reported as paid collection but the status says 120+ DAYS PAST DUE. They have been rehabed and agreed to remove the balances and past due amounts but leave the history as well as the status to read 120+ DAYS PAST DUE.(they are the lender not the guarantor) For one is this right or what? Dunno - would need more specific info about each loan, specific history, and if the default notations are from the first rehab or the second rehab. It would also help to know what type of student loans these are - federally-backed (FFELP/STafford or Perkins) or private? Different rules apply to each type of loan, and more specifically, to how they report after rehab.

I thought the status space was for the current status of the loan but they are telling me it is the status of what it was at last reporting 4 years ago. Again - not enough info to say for sure what is going on here. Is 4 years ago the timeframe of the first rehab or the second? Are all 4 loans reporting this way? Need more info about specific loans, history, dates, lenders, and how each specifically is reporting.

Also, the first time I didn't pay that lead to the default was prior to 2000, when do these come off my credit report? When I rehabbed them in Nov 2003 +7 years or July 1999 +7years? Negative notations come off 7 yrs from the occurrence of the negative. Again, would need more specific info about what exactly is showing on your report and more info about the history and timeframe of each loan.

Sorry not to be much help, but your post was confusing to me. If you can supply some more specifics, I'll try to help you sort this out. What type of loans were these, can you identify each specific loan type, date of first and second rehab, and how they are actually reporting?

The original loans were defulated then rehabbed, given to new lenders, then defaulted again.

They are FFELP loans.

The original loans(4) defaulted, two with one lender and then two with another, I rehabbed them all in 1997.

The second defaults(4) are from 2000.They were all defaulted, two with one lender and two with another again. I rehabbed two of them(12 monthly payments) and then entered into a consolidation agreement on the other two(3 monthly payments), completed Nov 2003. Then I consolidated them all down to one loan in Jan 2004... FINALLY!!!!!!!

I am talking about the second defualts that are showing on my credit report. They were late then defualted and charged off in early 2000. These are the ones that are showing 120+ days or more than four payments late on my report.

Below is a snapshot of what my credit report looks like, strange thing about it they refer to the 1990 open date on the newer loans just as though they did in the original loans:

SALLIE MAE220 Lasley Ave
Hanover Township, PA 187061430
(800) 458-2080

Account Number: XXXXXXXXXXXXXXXX
Rate or Status: 120+ DAYS PAST DUE
Account Owner: Individual High Credit: $2,625
Type of Account : Installment Terms or Monthly Payment: $0
Date Opened: 10/1990 Balance: $0
Date Reported: 08/2004 Past Due: $0
Date of Last Activity: 02/2000 Months Reviewed: 27
Comments:
24-Month Payment HistoryNo 24-Month Payment Data available for display.
Seven-Year Payment History
30 Days Past Due: 0 times
60 Days Past Due: 0 times
90 Days Past Due: 0 times