When you consolidate your student loans with, say Nelnet, what should happen to the TL of all the old loans? Should they say paid/zero balance? Should they also say never late, or can they still show late payments? Should they say "account sold or transferred"? should they be closed or open accounts? should they be I-1 or I-9? Thanking in advance. peace, delilah
shameless bump. trying to figure out what's what with my old student loan TLs. anyone have experience? thanking in advance. peace, delilah
On my student loans(and I have lots) my accounts say different things. They were in default at one time, and I even had one that said charged off (like it was a credit card!!). I disputed that and they changed it to paid collection. I consolidated last year, and after checking a couple of months ago, I had to dispute several and they were all updated to paid collection status. From my experience, sold or transferred to another lender should only be used if the balance is transferred/sold by the lender. You took out a new loan to pay off the old one so it should say paid. **This is information is based on my personal experience only.
I believe if you were late, the accounts (even though paid) can and still will show the lates. Whatever history you currently have with your current loans will stay until the TL is deleted. The only thing that is going to change is the balance and your status of Paid.
Does your current lender offer a rehab program? Make 12 ontime payments and they remove all the negatives & arrange for consolidation. If you consolidate now, all the negatives will remain and it will just say the account was paid through consolidation.
