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Posted in Student Loans
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Question By
Kmcllngs

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Federal Student loan not included in Dept of Ed rehabilitation plan
I recently completed a loan rehabilitation for my Federal student loans and I am in good standing. I had no idea that my Federal Perkins loan was not included in my Sallie Mae payment plan and they just made a negative report on my credit reports. This has caused my score to drop over 20 points. Is there any way to get this negative report off of my credit reports ? I plan to make payment arrangements immediately but I would like to get this off of my report ASAP. I am concerned about the the long term consequences for my credit score.

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Top Contributor
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Just work on getting them paid off.

Having been there and knowing a few things about the student loan industry now, they are a PAIN!!!  The negative will have to stay, unfortunately, but positive payments will gradually outweigh that negative remark, especially since it takes time to get those loans paid in full.

And, unlike other financial transactions, student loans are generally not dischargable in bankruptcy and have no statute of limitations.  They last until they are paid off or the rest of your life, whichever is  shortest.

I'm glad you were able to get the rehabilitation plan into effect.  That should make things much easier for you.

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