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Discussion in 'Credit Talk' started by question, Mar 25, 2001.
I just went into default, how long will this stay on my report?
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7 years after they are paid.
Sometimes the dept of ed will forgive studentloans for a trade school that was incompetent as you describe. These instutitions are usually closed down. I think the school must be closed to have the loan forgiven. Have you investigated that option.
If you cant get it forgiven the loan will default and remain on your report, FOREVER.
They will start garnishing your paychecks and tax refunds eventually but not usually right away.
You might consider repaying the loan via loan rehabilitation which would clean up your credit in 12 months.
Re: 7 yrs from default if paid
correction. I worded that incorrectly. It will stay on 7 years from default, if you paid the loan. If you dont pay it will just sit there indefinitely. It is also usually reported multiple times by whoever purchases it. In the case of student loans consumers have little way out besides consolidation or rehabilitaion. The govt wants that money back. Bill Clinton cracked the whip while in office due to the high rate of student loan default.
Psyc-O-Roni......I guess you are the expert on student loans since you don't pay them...you defaulted...but you continue to give out advice..what a joke.
and the loans continue to add interest and collection fees (up to 40% of the loan, each time a different creditor buys the loan.
Rob, you are a twit . . .
she's repaying them and going through rehab just like I'm doing. Sometimes I'd rather take advice from someone who's been in the same situation rather than someone who hasn't. Get a life and get off the board. You're a total bore.