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Rehab and debt ratio..Frustrated


harleygirl
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Well, it tells us you never consolidated (loan type would not be Stafford).

No history when you click on the loan? I know it's there is FAP view, but I also know student view is simplified.

Crap, I also just realized it's also not updated. Status effective date is 1992 ROFL.

The info posted is what pops up when I click on the loan.

LOL that's what I'm sayin'!.It's one loan and was only rehabbed and I have no knowledge of them changing it to something else. I just don't get why it is showing this way. I'm still digging for dates. The lady at SM was very nice, and said it looked wierd. She said she would pull my actual file and see if she could figure it out. I guess I'll wait on her to call or I'll call her.

So, my real question is this now. She told me on the phone that it was CO in 1993. If the one TL is CO as of 1993, why is it still there? If they did what she said and changed it to a new loan, then it should be the TL from 2000. So technically the first TL is obsolete, right? Am I gonna have any luck disputing it that way?

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Ok. I got in to the site.

It has one listing for loan.

Type of Loan: 1 STAFFORD SUBSIDIZED

Date Entered Repayment: 11/1992

Loan Period Begin Date: 08/1991

Loan Period End Date: 05/1992

Disbursement Date 01/16/1992

Disbursement Amount $2,625

Loan Status rp ia

Status Description IN REPAYMENT loan orig

Status Effective Date

11/16/1992 01/09/1992

Current Servicer: xxxxxx It lists this correctly

xxxxxxx

Current Guaranty Agency: xxxxxxx It lists this correctly.

xxxxxxxx

This is it. No info on a rehab or refi. I don't know what this tells me.

Oh I didn't get this in the first post. The site shows an "outstanding interest balance" of $4 as of 3/31/2008

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OP and all, please forgive me if this has already been covered, but I didn't take time to read all three pages of posts. But your original question sounds like the one I kept asking about my own situation until I finally found out --

I did not rehab. I was under the impression that simply taking care of defaulted loans was 'rehabbing" them, but it turns out that's a very specific term that does not apply to all situations.

Getting out of collection/default on SLs does not always mean you are rehabbing. Rehabbing means making a number of ontime payments to the CA holding the loans. And these are huge payments because the loans are not consolidated. So it was impossible for me (my loan balance for six years of graduate school was almost $90K).

The other option, then, is to find another lender to take on the loans. The USDE pays off the collection agency, and sells them immediately to your new lender. I am being a little vague here, because I don't remember the details that well. The new loan holder then consolidates for you, and you have a manageable payment. But this is called consolidation, not rehab.

Rehab does in fact result in deletion of derog. info. after a certain amount of time. Consolidation, on the other hand, means that all those negative TLs stay on your reports for their full seven year life.

HTH and that I'm not repeating something. But this issue was so confusing to me that if I can help someone else, I want to.

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OP and all, please forgive me if this has already been covered, but I didn't take time to read all three pages of posts. But your original question sounds like the one I kept asking about my own situation until I finally found out --

I did not rehab. I was under the impression that simply taking care of defaulted loans was 'rehabbing" them, but it turns out that's a very specific term that does not apply to all situations.

Getting out of collection/default on SLs does not always mean you are rehabbing. Rehabbing means making a number of ontime payments to the CA holding the loans. And these are huge payments because the loans are not consolidated. So it was impossible for me (my loan balance for six years of graduate school was almost $90K).

The other option, then, is to find another lender to take on the loans. The USDE pays off the collection agency, and sells them immediately to your new lender. I am being a little vague here, because I don't remember the details that well. The new loan holder then consolidates for you, and you have a manageable payment. But this is called consolidation, not rehab.

Rehab does in fact result in deletion of derog. info. after a certain amount of time. Consolidation, on the other hand, means that all those negative TLs stay on your reports for their full seven year life.

HTH and that I'm not repeating something. But this issue was so confusing to me that if I can help someone else, I want to.

This is a rehab on one loan. There was nothing to consolidate, but that is great info for someone who does have more.

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I don't want to confuse anyone, but it is possible to "consolidate" 1 loan.

OP's loan shows on NSLDS as a "Stafford" loan, not as a "Consolidation" loan, so OP didn't do that, but it is possible.

Edit to add: OP, the data for tradeline 1 seems simply off. To start with, it looks like tradeline 1's Date of Last Activity is actually the date SLM last updated, not the last actual date of activity. Are you looking at a "merged" report, or a real one?

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I don't want to confuse anyone, but it is possible to "consolidate" 1 loan.

OP's loan shows on NSLDS as a "Stafford" loan, not as a "Consolidation" loan, so OP didn't do that, but it is possible.

Edit to add: OP, the data for tradeline 1 seems simply off. To start with, it looks like tradeline 1's Date of Last Activity is actually the date SLM last updated, not the last actual date of activity. Are you looking at a "merged" report, or a real one?

I have both. Those TL's are from the individual reports thru MyFico.

You are correct about the reporting date. That is what i am seeing as well.

Now, as of yesterday, on my CIP and TC, TU has no second TL. EX had already updated the TL, so I can't tell if SM deleted the second one. The first TL did not change, lol. How much more confusing can this get.........XhairX

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  • 3 weeks later...

I was kind of waiting for the fall-out, lol.

It looks like SM combined the two TL's.

EQ is reporting one TL from SM, plus one TL from my current servicer.

TU is not reporting anything related to the loan. This sucks, because this is my oldest account, but as bad as they messed up my name disputes.....

EX still has two TL's and one from my current.:twisted:XhairX

I had just disputed with EX, so they say i cannot dispute them again. I am in the process of arguing with them, lol. If all else fails, I'll try to get SM to write them a letter.

I'm just gonna give the CRA's a bit of time to get updates and then go at it again. I'll keep you updated.

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