Loan Rehabilitation
Loan Rehabilitation
You may want to consider rehabilitating your defaulted loan(s). Advantages of rehabilitation include:
* Your loan(s) will no longer be considered to be in a default status.
* The default status reported by your loan holder to the national credit bureaus will be deleted.
* You will be eligible for the same benefits that were available on the loans before the loans defaulted. This may include deferment, forbearance, and Title IV eligibility.
* Wage garnishment ends and the Internal Revenue Service no longer withholds your income tax refund.
If you are a Direct Loan Borrower:
To rehabilitate a Direct Loan, you must make at least nine (9) full payments of an agreed amount within twenty (20) days of their monthly due dates over a ten (10) month period to the U.S. Department of Education (Department). Payments secured from you on an involuntary basis, such as through wage garnishment or litigation, cannot be counted toward your nine (9) payments. Once you have made the required payments, your loan(s) will be returned to the Direct Loan Servicing Center.
If you are a FFEL loan borrower:
To rehabilitate a FFEL, you must make at least nine (9) full payments of an agreed amount within twenty (20) days of their monthly due dates over a ten (10) month period to the Department. Payments secured from you on an involuntary basis, such as through wage garnishment or litigation, cannot be counted toward your nine (9) payments. Once you have made the required payments, your loan(s) may be purchased by an eligible lending institution.
If you are a Perkins loan borrower:
To rehabilitate a Perkins Loan, you must make twelve (12) on-time, monthly payments of an agreed amount to the Department. Payments secured from you on an involuntary basis, such as through wage garnishment or litigation, cannot be counted toward your twelve (12) payments. Once you have made the required payments, your loan(s) will continue to be serviced by the Department until the balance owed is paid in full.
Personal Digital Devices - Digital Music Devices
The main problem is that you may not add any additional federal loans once you have applied for a federal loan consolidation plan.
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Should I Apply For A Home Debt Consolidation Loan
"You need to note that there is a provision for the students who consolidate before they enter the repayment period, they will be charged less interest than when they would apply in the post-repayment period."
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"The intention of a federal student loan is to give American citizens a tool with which they can improve their lives."
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"Beware, however that there are many bogus organizations which may promise a lot and deliver nothing."
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"That means that if you have three or four children, you may not be able to finance the graduate and post-graduate school for all of them."