topic Defaulted Student Loans in Student Loans

Defaulted Student Loans

gijoe4500 — Sat, 15 May 2010 06:01:38 GMT

My student loans are currently in default, and I'm looking at ways to get this taken care of. I'd really like to just take out a loan and pay them all off, but that isn't possible for me right now. I've read a bit about student loan rehab, which sounds like a great idea, but it seems like its hard to get accepted into the program. Who would I contact about seeing if I qualify? Aside from rehab, and a total pay-off, do I have any other offers?

I did a loan locator on https://NSLDS.ed.gov and this is what it shows

DIRECT CONSOLIDATED UNSUBSIDIZED $5396

DIRECT CONSOLIDATED SUBSIDIZED $4156

FEDERAL PERKINS $4000

TOTAL $13552

Re: Defaulted Student Loans

gijoe4500 — Sun, 16 May 2010 17:38:05 GMT

Anyone?

Re: Defaulted Student Loans

mberrytravis — Mon, 07 Jun 2010 03:08:05 GMT

Call the CA who shows for these loans. Explain that you want to take care of this. They will offer you the rehab program. If you pay them for 9 months on time, no lates, they rehab your loan. You negotiate the monthly payment right then. After the 9 months it goes back to the govt. After an additional 3 months of payments, all negs are removed.

That was my experience anyway.

Re: Defaulted Student Loans

gijoe4500 — Mon, 07 Jun 2010 03:12:39 GMT

Awesome! I'll try that out. Thanks

Re: Defaulted Student Loans

Anonymous — Fri, 09 Jul 2010 21:02:22 GMT

Actually as soon as you are out of rehab you will get a letter that you can end to the CRAs to dispute the status. I was able to get the status updated within a few weeks of being out of default. For an additional boost, consider consolidation once you are out of rehab. In total my scores went up 120 points through these two steps.