Does anyone know if it's possible to rehab a Sallie Mae SL?? I was looking on some SL websites, and some specifically mention rehabbing. Sallie Mae does not, so I was wondering if it's even something that they do? Has anyone done this? I'm working on hubbies Student loans, and his has a 120 day late. We consolidated, so it's paid in full now, but I want to get the lates off (Near impossible I know) It was so close to defaulting, that I now wish we had let it default, and then rehabbed. The CSR at sallie mae never mentioned rehabbing (as if he would) So I'm wondering if it was even an option. If it is, I'm going to use that in the letter that I'm planning on writing to them, in complaint. TIA
Once you have consolidated I don't think you have any option for rehab. Besides, as I understand it anyway, you can only rehab if you have defaulted. The US Department of Education website has this info...
I'm sorry, I guess I didn't explain it well. I know WE can't rehab now. I 'm just trying to get the lates off, and Sallie Mae is notorious for verifying. I'm trying to find some ammo to put in a letter. We were never told rehabbing was an option. He was SO close to defaulting, they talked us into a forbearance, which brings the account to current. I thought that would be the end of it, but it doesn't bring the CRA tradelines to current. What's the point then?? Anyway, I want to know if Sallie mae even does rehabbing, so I can use the info in a letter. I know we are not eligible anymore. I wish we had just defaulted, so in 12 months his CR would be better!!
Sorry ) I really don't think they are obligated to tell you "if you just let this default then you can rehab it and get rid of all your lates", but I could be wrong, who knows. It's an issue for me, because I *did* default, and the %#^$^#%$ collection agency sure as hell wasn't about to tell me about my rehab option and lose their 25% collection commision! If you find a way to make someone liable for not telling you the whole picture regarding those student loans, I would love to hear about it )
Yes, loans held by Sallie Mae can be rehabilitated if they are in default. Any student loan in default can be rehabilitated as per the Higher Education Act Section 464 (h)(1)(A); however, servicers such as the Dept of Ed, Sallie Mae, or PHEAA will not mention it unless it is the best option for them.
I should mention that in my case, Sallie Mae returned my loans back to the original Guarantor after they defaulted. Which means that they will not take my lates off of my report (yet), though I've gone through rehab.
I guess I knew they wouldn't mention it, BUT: It was SO close to the default date, that I would've just let them default (Had I found this board about 2 weeks sooner!) and then gone thru rehab. Yeah, now they are paid, but where does that get me??? A bad CR for 7 years. I swear, I'm going on a letter writing campaign, with both nutcase and goodwill letters, and I'll write to anyone at Sallie Mae that will listen. If I send 1 or 2 out per week, maybe they will just get so sick of me, that they'll delete just to shut me up!!! Hey, it's not a really good plan, but it's the best I can come up with at the moment. Nothing else seems to work with these people!!
