My husband has consolidated his student loans, and is applying for a forbearance from both of the SL companies. Can someone explain what it is, and what it means for his credit report, and all the back lates (if it even effects it at all!) Thank you. He's doing this on his own, so I don't really understand it Tracy
A forebearance allows a person to temporarily stop making payments on their student loans for a certain length of time - however long the SL people approve. I got a forebearance granted for six months when my SL payments first became due and I hadn't yet found a job. I don't know how it affects late pays, though. I just know that during the time the loan is in forebearance, he will not be required to make payments, and it will show up as in forebearance status on his credit reports. Hope this helps.
The consolidation goes thru next month, he just applied for it last month. Nelnet told him to fill out a forbearance form, and it could be retroactive, starting back when the payments became late. That seems weird to me.
That is true. By the time they got all my paperwork processed, I was already late on my payments and because they backdated it and made it retroactive, it showed that I was never late on my payments.
I'll be anxious to see how far back they go, because he's about 120 days or so past due on one of them. It could make my job a little easier! LOL I'd be excited, because the student loans are biggies on his reports, the others are all smaller bills (baddies, but things we can pay off in a lump sum!) Thans for your quick replies. I hope it all works out!! Tracy
Girliegirl:::>>> They backdated my Forbearance so it will cover the late payments, but they still reported as 90 days late. I have try to disputed with them, but will not remove.. I recieved a letter stating that I was cover under Forbearance (6 month) during the month they show the 90 days late.. Any suggestions???? Its being 4 years since this happens
That doesn't make any sense. I should get him to get something in writing, hopefully, stating that they'll delete it from his CR's. He's so bad at asking for things like that, he won't demand it like I would. I wish I could just talk to all of his creditors for him!
the dept of education or whoever his loan servicer is, will send him a letter that states that the forbearance is approved and for what periods. i jsut got one for my student loans on yesterday!
Hi Uniondiva!!! I have read some of your post, about this matter, but aparently I'm out of luck.... Goodwill letter, numerous call, Dispute w/CRA and nothing.... Do any sugestions???? Please!!!!! This one is killing my Score.... Email if you want...... TIA
who is your student loan with? I sent an intent to sue to sallie mae about some incorrect items on my cra. You need to send them a letter ASAP!
My student Loan is with the DOE, I'll give that a try. I have even talk to an UMBUSMAN, and question them how come a person will get on Default, pay 12 consecutive payments and get a clean record. Don't make sense, thats accord. to the High Education Act. Thanks Uniondiva I'll sure will work on that.
