multiple fed student loans

[cosimo]

I have at least 8 federal student loans that are reporting as charged off and picked up by another department (Those never go away...) It now shows what looks like duplicate accounts so I have 16 loans with the same account numbers- they are all for diff amounts however. Does anyone have experience with these and getting the neg info deleted? I want to consolidate them and pay just one monthly payment and have the old crap dropped.

[mendelssohn]

Unfortunately, there is no easy fix. If you have the money to rehab the loans before consilidating, I suggest that you do it. Once you consolidate, you can't rehab.

 

Once the loans go to collections, fees are added. There will continue to be 2 entries for each SL until they fall off your report. I suggest you take action as soon as possible because they will not be removed with disputes and will drag your credit down until they are gone.

 

You should probably start a thread in the student loan forum.

[shifter]

no chance to get the negative info deleted

 

no chance to have the old stuff dropped

 

unless you rehab.

 

rehab is your knight in shining armor.

[cleancredit2004]

I had 8 federal SLs too that went into default. I entered into a rehab program, with the understanding that I had to make the payments on time for 9-12 months. After the 9th payment, the loans were out of rehab and went to another servicer. Best thing I ever did.

 

Within a couple of months 5 of the accts (baddies) came off my reports with no effort on my part, the other 3 I just dipsuted as duplicates and they just came off. Now all I have are the 8 positive TLs. Good luck!

[cosimo]

cleancredit2004- do you mean that the baddies were completely dropped and that no lates/defaults are being reported at all? I just dont understand how they can post duplicates like this- it looks like Ive got 16 defaulted student loans when I only had 1 large one with different repayments... I will research/post in the student loans section. Thanks for the info

[mendelssohn]

cleancredit2004- do you mean that the baddies were completely dropped and that no lates/defaults are being reported at all? I just dont understand how they can post duplicates like this- it looks like Ive got 16 defaulted student loans when I only had 1 large one with different repayments... I will research/post in the student loans section. Thanks for the info

You had 1 payment, and the loans were lumped together. In addition, you probably have a collection reporting for each loan.

[cosimo]

I don't have a collection-it says transferred to a different department. These are govt loans so they handle the collections internally.

[cleancredit2004]

I had 8 TLs from Direct Loans(OC), that went into default. These accts were sent to a CA that contacted me re: rehabing the accts. I called US Dept of Ed and confirmed that this was the process for rehabing loans and until I did this, they could not get the loans back. This was very scary for me, as the CA did not send me any paperwork, etc....now when my DH rehabed his SL his CA DID send him paperwork, etc.

 

Anyways, I made 1 payment/month to the CA for 9 months. After the 9th month the CA turned over the SLs to Fed Loan Servicing(they act like an OC I suppose). I received a letter from both companies stating that my rehab was complete. I contacted Fed Loan Servicing and picked a payment plan, I chose a 10 yr plan. My loans are all seperate but I only make 1 payment to them ( my loans are not consolidated). At first, my credit report showed the 8 TLs from Direct Loans which were negative and 8 TLs from Fed Loan Ser which were positive. Over the next couple of months about half dropped off on their own(the negative accts).....I recently disputed the remaining negative accts as duplicates, which they are....and they were removed.

[cosimo]

cool, i just initiated the rehab program on myeddebt.com - is that what you used? Does your file now show nothing but on time payments with them, no deliquencies whatsoever?

[cleancredit2004]

No, it was a different company that contacted me. No, my file shows nothing from my default days or my rehab days. Just my positive TLs with the new servicer. Good luck but remember, YMMV.