[mage lang="en|fr|es|cs|en" source="flickr"]student loan default definition[/mage]
What is the definition of rehabilitation on student loans, and how does it work?
Hi. I want to go back to college but I have to take care of student loans first. I was told that if your loans go into default, you have to contact the creditor handling the student loans and tell them you what to get into a rehabilitation program? What is rehabilitation and how does it work?
I tried asking my loan officer from my old college about it and he wouldn’t give me a straight answer.
Please let me know. Thank you.
You must do this through your lender… not your school.
Loan rehabilitation is when you make 9 months of payments on your federal defaulted student loans. The payments have to be reasonable and on time and you also have to do so WILLINGLY. Nine months later, your loans are no longer in default and you can get financial aid again to go back to school. Here are the details and the link. These are for FEDERAL loans only. Private loans have no such process.
Senate Session 2010-04-21 (14:44:59-15:56:58)
