Student Loan Rehab Completed Last Year CR shows collection account?
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#1
07-04-2009, 03:58 AM
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Student Loan Rehab Completed Last Year CR shows collection a
Hi everyone,
I pulled my credit report before applying for a new car loan. I needed some assistnace with my PHEAA student loan. I defaulted on this loan in 2006 and completed the rehabilitation program to remove it from default status. I recieved paperwork stating the loan was rehabilitated and I dind't pay much attention to actually checking my credit report to verify it. After the loan was rehabilitated, I couldn't afford the payment so I applied and was approved for a consolidation. I have never missed a payment since colsolidating :-) However, my credit report has the new consolidation loan listed, but the origina PHEAA defaulted loan is listed, with a $0 balance but Current STatus: Collection Account Additional Information: Collection Account, Student Loan assigned to governemnt Is that the correct status? I thought this was to be removed after a rehabilitation? 
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#3
07-04-2009, 01:13 PM
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I'm confused.. nothing was removed. My loan was through PHEAA????
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#5
07-04-2009, 01:56 PM
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thanks.. how much damage is this status doing to my credit report?
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#7
07-05-2009, 03:34 AM
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school loan
I have a school loan, as well. However....it's in 'good standing'. My friend has a school loan that is in 'default'. I've never heard of a Student Loan Rehab Program. Can someone give me some information on this, so I can pass it on to my friend? Thanks.
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#8
07-05-2009, 04:41 AM
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If you are in default, and call to setup arrangements with the student loan company and make 9 consecutive on-time payments... they will consider it rehabbed and remove the default status from the credit reports. You MUST make 9 consecutive payments though....
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#9
07-05-2009, 12:42 PM
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Crystal...a loan is not considered "rehabbed" just because you make 9 payments. A lender must pay off your guarantor for the rehab to be completed....and it could take more than 9 payments for this to happen.
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