Hi Nitwit2, I read your question and the answer is: 1) If you pay they can put it on your report. Just as creditdefense posted the FCRA says that certain government loans are exempt from the 7 year reporting laws. Student GSL's would qualify. They can report it for however long they wish if unpaid. Typically credit bureaus only report it 7 years from the default date if paid. AND THERE IS NO SOL ON STUDENT LOANS...Now, here is the deal. If you pay technically they can put it back on your report for another 7 years. No one at this site can tell you what they will do. I went around in circles with the FTC and the Dept of Ed over reporting of student loans and basically all the FTC said was "well student loans are different and you just have to deal with the dept of ed. The dept of ed referred me to the ombudsman's office. The ombudsman's office said......"we dont know that is between you and the lender". Basically, no one will support you if your lender tries to screw you with another 7 years. I suggest you rehabilitate for 12 months and tell the lender that you want the 70% offer to be on the table when the rehab period is up. OR you could ask the lender to agree to not report the item any longer as it is an obsolete debt now in exchange for payment. Get Everything in written. 2) Yesterday, I posted about SL rehab and consolidation under the thread.."student loans and collection agency" posted by frankowes. Please read that thread. I hope it all works out.
