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Posted in Student Loans
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Question By
gleeed

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Student Loan Rehab or Pay Off?
I mistakenly missed two payments on a student loan account and this was reported on my credit. My student loan account is now in "rehab" and after 9 months of on time payments the delinquency will be removed. I have the money to pay the student loan account off now in full. Would it look better on my credit to pay it off in full or complete the rehab?

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I would call the loan issuer immedaitly and ask if you can make a deal to have it erased from your credit if you pay it in full (and get the agreement in writing, crucial!). I can't imagine that they wouldn't. 

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If you are negotiating ANYTHING, GET IT IN WRITING!!  That way, both sides have proof of what was said by whom.  Never do this by phone!! If you can pay the total in full, contact the loan servicer to see what the exact payoff amount is before sending it.

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