I have a student loan through the institution of higher learning which I attended. I defaulted on this student loan a while back and have been paying on this SL since February. I made arrangements with an individual in the Financial Aid office to pay $100 a month on this loan. (I defaulted on a few other SLs with another lender but have been paying those for about 2 years and they are rehabbed and look peachy-keen on my CRs). This loan was "opened" in Feb 2003 when I started paying and since then the institution has ben reporting me 180+ late EVERY MONTH and the beginning of the month like clockwork. I've written, faxed, e-mailed and left messages with the Financial Aid office asking why they are doing this and have yet to receive any response (it's been about 45 days since the first contact). Can they do this?
Why not indeed. Just seems pretty "sour grapes" to me. Especially since I'm paying on the damned thing.
It is sour grapes - I have to agree, but if you are still "behind", and not making the contracted payment amounts, yes, they are within their rights. Sorry - been there
Right now you are making payments, of the scheduled amount, unfortunatly since you're between 90 and 180 days behind you can either keep making the scheduled payments and keep being currently 180 days for the next 10 years, or bump an extra $$$ into the payment each month to bring yourself current. Once you get to where you send a payment that brings your past due amount under 3 months, you should move to 90 days past due, then when it gets to under 2 monthly payments the tradeline should go to currently 60 days past due, the same should go for once you send a payment that leaves less than a monthly payment past due bringing it 30 days past due, and finally if you get it paid current it should show currently paying as agreed. Unfortunatly, even then you will probably have it showing all your 180 day lates, but you might get lucky and be able to goodwill that off a few months after you get current. I know it sounds like it stinks, but unless the loan is re-financed you can't keep paying 3 month ago's payments and expect it to show you paying currently. Have you considered some kind of consolidation with your other student loans? If you can get this current loan merged with your rehabbed loan, then at least this one will show paid off now, with the lates that might be able to be removed with some work. Hope I could be of some help. ChrisB
