I have three student loans with a DLA of 10/93.. Do they follow the same 7 year rule? They are reporting as I1 with 11X90 days late. Does that make them a positive factor on my credit or a negative one. I have only one positive account so I dont want to shoot myself in the foot by removing these, if it is helping my score. Thanks
I'm a newbie myself, so I can't answer many of your questions, but I know a little (as in very little) about student loans. You said your loans pre-date 1993. Did you file bankruptcy by any chance? If so, I can help with some information. The important thing right now is, don't do anything. At least until you have gathered ALL the facts and information you'll need to make a good decision. You could make the wrong decision about what to do, and some decisions regarding student loans are impossible to recover from. One example of this would be, if you find there is no other option but to pay the student loans back, you might be tempted to consolidate before rehabilitating the loans. Big mistake. Let me know about the bk.
No I haven't had a BK. I was just wandering if student loans can report for over 7 years or are they exempt from that rule. I want to pay them back I just dont want them on my credit report. I am working with Sallie Mae to get them bought back, if they dont buy them back I'll rehab. them.
It is my understanding that defaulted student loans can stay on your report forever. Late pays come off after 7 years. Do a search on this board for "student loan rehab"
