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Student Loan Problem


needcredithelp
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Hey, thanks in advance for all advice, information and help. I posted in another thread regarding a recent collection on my CR, but in the same month (11/06), I also discovered a 60-day past-due account status on a student loan. Here's the problem: I am not paying off the student loan. When my father passed away, an account was set up to pay for both mine and my sister's undergrad college. My mother has been paying the loan was opened in '03 (transfered from another student loan). The problem is, my mother was 60 days late, but since the student loan is in my name (Federal Stafford Loan), it affects MY credit report. I have contacted them, and explained the situation, and spoken to a manager, but since I signed for the loan (I was younger and obviously trusted my mother), I am responsible, and it cannot be removed from my report. I have been responsible for every other credit account since was 18, with the exception of this one student loan. Since it is so new, it is seriously affecting my score. The other problem is, now that it's past due, the amount of the loan is on the report, ($20,000) and is also going to affect my debt-to-income ratio (even though in reality it is not my debt, and I have paid off every penny of any outstanding debt two months ago). So essentially, I am being hurt on my CR for a payment that I have had no clue about or control over. This and a recent bogus collection have dropped my credit score over 120 points in one month. What can I do? Any advice?

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thank you, dired, but i was questioning if there is anything that i can do to remove this sooner. this was just reported as of 11/06, and i don't want to wait until 11/23 (i'll be 33 years old by then) to get this removed, again, as i was not the one who even made the late payment.

There is nothing you can do. Regardless of who is paying it, you are legally responsible for the loan. The department of eduation requires all lenders to report accurately.

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thank you, dired, but i was questioning if there is anything that i can do to remove this sooner. this was just reported as of 11/06, and i don't want to wait until 11/23 (i'll be 33 years old by then) to get this removed, again, as i was not the one who even made the late payment.

And now you've learned.

Student loans are required by law to report lates. Believe me, I've been there, done that, gotten the call from the US DoE.

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