Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Student Loans
Profile Image

Question By
IamLegion

0 Contributions
0 People Helped
A delinquent the student loan is closed and submitted to Gov for payment. What now?
My deliquent student loan from over 7 years ago is still listed on my report. It shows closed and up for payment from the government or insurance company. I am still receiving collections notices. Is it to late to start paying them off? If I pay the collections company is the debt being double paid? Is it too late for me to do anything and I simply have to wait for it to come off my record.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
46 Contributions
96 People Helped
Most Helpful Response

Call Fed Loan Servicing

Helpful to 1 out of 1 people

Federal student loans that are in default for more than a year or two (I'm not sure exactly) get segregated from the standard Fed Loan repayment system, but this doesn't mean you can't get them out of default.  Call Fed Loan Servicing and they will tell you about a "loan rehabilitation" program that is a payment arrangement that if payments are arranged and completed successfully for 12mo, your loans will be back to "current" and it will be as if they were never in default (aside from the negative marks on your credit reports from prior missed payments).  The payment arrangements are income-based, so the payments are affordable.  Federal student loans are about the easiest accounts to get back into current status, in my experience.

Top Contributor
7371 Contributions
3810 People Helped

Student loans also remain collectable until paid in full, no matter how long that takes.

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.