Hi all,,,, I would like to know if theres anyone out there that has consolidated student loans that were defaulted,,,,,,,, I understand that after 3 on time payments you can have the loans consolidated,, the TLs will say zero balance/paid,,,,,, but all the derog lates info stays,,,,,,, NOW heres my fear and my question??? what happens to the DOLA on those defaulted zero/paid TLs ??? my situation is I have three student loans in default,,, I gotta take care of them,,,,,, the DOLA is 5/1997,,,,,, the will fall off 5/2004,,, so if I rehab they will be deleted off anyway, with a new loan line,, my fear is if I pay three payments, and then consolidate that 1. the derog info stays,,, but my biggest fear is that they would update the degrogs with paid/zero balance,,, new DOLA being 8/2003.. for all of you that consolidated,,,,, what happened to your tradelines DOLA,,,,, thank alot, lil
anyone,, bump I know that if the DOLA was after 1/98,,,,, the Dept of ed cant change the DOLA and re age,,,,, hell its the fed govt and their law,,,,, but my DOLA in 5/97,,,, and my fear is that when they are paid off by consolidation Ill have a brand new DOLA massive reage,,,,, OMG I cant have that for another 7 years,,,,,,,,, HELP me make a decision,,,,, thanks
I had 15 student loans in default. They wouldn't let me rehab them, so I had to consolidate. I did the 3 payment then consolidation, now I have 15 "Paid/Consolidation" student loans listed under negative items. LOVELY! They didn't change the DOLA on any of them though. I have kept the consolidation in good standing for 2 years, so I've been tossing around the idea of calling the Dept. of Edu and asking them to remove the 15 bad ones.
now youve got me scared,,, why wouldnt they let you rehab them,,,,, the loan Im talking about just fell off my reports when it hit the 7 years since default,,, I know I need to make arrangements though... I am afraid Ill go consolidate and then they will update DOLA and put all the bad back on,,,, but regardless of the date of consolidation, arent they only allowed to report neg info in relation to a student loan from 7 years since the default date,,,not first late date,,, all mine are 7 years from default,,, thanks lil
I asked about rehabbing them, but I must have gotten someone on a bad day. They told me that because they were so severely in defaut that it was not an option... seeing as we were trying to get a VA loan to buy a house I consolidated them to show they were taken care of (to qualify for the loan) now I'm stuck with them on there for 4 more years unless I can get them taken off.
