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Posted in Student Loans
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LLMT0214

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Private student loan charge off
Can someone help me understand, I had a student loan with Xpress Loan Sevice who then transferred the loan to AES because they went under, I stopped paying late 2015. A collections agency took over since I defaulted. I checked my credit report and it shows now as Closed-Derogetoey with 0 balance. If I just decided to take the hit and wait out the 7 years, will it fall off my report or does it restart again? This is a private student loan not federal student loan so I'm not sure how it all works? Can someone help me out?

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Private student loans are subject to the seven year rule, it cannot be reset or restarted by anything. The seven years starts from the DOFD (date of first delinquency). That date is typically one month after you made your last payment on the original account before it was charged off.

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Libor scandal

Depending on how long ago you took our loan.. Google private student loan libor scandal.. I just had $97,000 discharged because of these greedy scum bags. I didn't even have to hire an attorney.

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