I have a Perkins loan that is defaulted since December 1998. I know I own the debt and it's a student loan so there is no way DV is going to work to delete it. The good news is it's only $1000.00 with all the fees. Here's my question: Should I pay it in full and if I do will it fall off as it will be 7 years old in December or Should I rehab the loan and make a years worth of payments? I really just want it off my CR and don't want to pay it in a lump sum and restart the 7 year cycle. Advice?
The 7 year credit reporting period starting date is based on the date of first delinquency, not last payment. Paying it should not restart it. There may be other reasons to rehabilitate if you can, such as any positive effect a rehabilitated paid account might have. Any others with direct experience in rehabilitating student loans?
Thanks. It's scheduled to drop in November. I want to pay it but don't want to restart the SOL and just want it done with. I have a lot of old accounts that have always been paid so losing this shouldn't be too much of an issue becasue I have about 12 paid off always on time accounts that are older as this one. Thanks agaiN!
I think I have the same problem, although, this loan is not mine. I can not get any resloution form the college that I attended, and the best that i can figure out is that the Perkins is from 1989 or 90, and it was for $1200. however, it is not mine. I do have a student loan that is being repaid, and that one is mine, and it is current. General Revenue keeps calling me several times a day on this Perkins loan--and altought I've not told them this, I would pay the $1200 just to get rid of it. Sigh... Anysuggestions? (And sorry to hijack this thread!)
