I just found some very discouarging news about Rehabs I currently have 13 defaulted TL's and am in my 8th month of rehab I have two TL's both the same accts so even though i have really only 13 defaults my CR shows 26.. bastatges...13 with sallie mae and the other 13 through Dept of Ed ( whos was the grantor and bought the loan back) The DOE said they will remove the derogs after my 12 payment but I just got off the phone with Sallie Mae and some a-hole said that they do not remove their TL's WTF? Doesnt the Higher education act rehab say that after completion all derogs removed? that b*tch Sallie Mae has her money already, all she did was service the account Anybody know about this? this is just wrong, it doesnt make sense, it kinda throws the whole purpose of the rehab out the window, sure they will remove 13 of my DOE TL's but Sallie Mae will still report their 13 Sallie Mae doesnt even own it anymore, that lil ho' Anybody know anything about this? Thanks
Nigel, Been there done that. The Education Act is somewhat vague. Actually it says something like the account is to be taken outta default status, which it will be, but it does not require them to remove the late payments. Alot of lenders will do that anyway though. I have not had any dealings with Sallie Mae, but do a search for "Rehabs" of student loans and you should find some helpful threads about it.
sallie mae serviced my loans, they defulted, DOE paid off sallie mae and then the DOE sent it to collections whom Im now paying now in rehab, then the DOE will set me up with a company that will buy my loasn and star anew I dont understand why sallie mae has marked my credit report as "Charge off" when they were paid in full from this account by the DOE
It is pretty much a fraud. I spoke w/ the Dept. of Ed's Ombudsman's office recently about this exact same issue and basically what they told me is that rehabbing will remove the "default" status from your student loan tradelines but as far as lates and "charge-offs" are concerned, Sally Mae (or whoever furnishes the SL) has the right to keep those on. They recommended that I try to dispute the TLs off my CR myself because there's nothing they can do. It's a farce!
