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Posted in Student Loans
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Question By
simbarhall

2 Contributions
15 People Helped
How do I correct the damage of student loans?
I currently have a 710 credit score but every time I apply for credit, "serious delinquency" appears on my reports. It is because of Student loans I incurred in 2005. I did not pay and they transferred (sold) the accounts three times. So it looks as if I incurred three different debts but it was for the one student loan that continued to accrue interest since that time. I have heard of the rehabilitation program that is offered but I do not qualify since the loan was sold three times. I contacted the original creditors and although the debt is over six years old, they are not willing to remove from my credit reports. Is there any other way around getting it removed from my credit report?

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Top Contributor
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Sorry, student loans don't vanish.

The student loan industry managed to get laws changed to where the student loans DO NOT drop off one's credit report after time (like other financial transactions might) and cannot be discharged in bankruptcy.  Student loans remain collectable until paid in full. Contact the loan servicer and see what arrangements can be made to get the payments rehabilitated or arranged so that you can make them.  You don't want your tax refunds or Social Security benefits garnished to meet this obligation 

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