How can you get rid of defaulted student loans?
Trying to clean up my credit.
Umm….
I suppose you want to know the truth.
Pay them.
Or wait 7 years until the default automatically ages off your credit report.
Here are the payment options:
1. Pay the loan in full.
2. Consolidate your loan(s).
3. Rehabilitate your loan.
You can find full details of all three of these options here: http://www.ed.gov/offices/OSFAP/DCS/repaying.html at the US Department of Education website.
Having said all of that – if your loans are not loans that are held by the Department of Education, Option 3 is eliminated.
By the way, student loans have “no statute of limitations” for enforceability. Your lender can continue to seek repayment – in theory – forever.
Good luck to you in getting this resolved.
Edit: Dorothy’s information about the 7 year period is incorrect. You (and she) can confirm this by reading this passage from the US Department of Education page that I already linked to, above:
“My credit record is tarnished because of my defaulted student loan. Is there anything that I can do to improve my credit record?”
Failure to repay your defaulted student loan can be damaging to your credit record. In fact, consumer reporting agencies may continue to report an account for 7 years from the opening date.”
