Student Loan Rehabilitation - Student Loan Resolved

Student Loan Rehabilitation

Student loan rehabilitation is often a 9-10 month payment program where the obligor will make agreed-upon payments to rehabilitate the student loans to fix the default status.  The fee amount is typically agreed upon by both the lender and the obligor, to be an affordable fee that the obligor can make. Once the obligor has made these nine payments, on time, the default status would be removed from the obligor’s credit history.

How Your Payment Is Determined

In 2014, the lenders or the collection agency assigned to the defaulted loan should be using the identical calculations used in the income-based repayment program to calculate the rehabilitation fee. If this fee is still not affordable, the obligor can submit an Affordable Rehabilitation Payments.  Even though the rehabilitation fee may be the same as the IBR payment, the obligor will NOT be saved into an IBR program or receive any of the advantages of the IBR program such as loan forgiveness. Things that are well-considered in the IBR rehabilitation fee:

Want to learn more about Student Loan Rehabilitation?

Just fill the form or click “Call Now” button.

Disposable Income
Social Security Benefits

Welfare Benefits

Family Size

Rent
Rent
Before July 1st, 2014, obligors would often face a rehabilitation fee of 1% on the residual balance of the loan.  With the valid average balance of all student loan obligors at $26,000, this would mean $260/mo. With the new plan, obligors can pay much less than this, even as low as $0.00 with the valid system.

CHECK YOUR CONJECTURAL IBR PAYMENT WITH THIS CALCULATOR

Positives and Negatives of a Rehabilitation

Before entering into a student loan rehabilitation, it’s important to understand both the positives and the negatives of rehabilitating your student loans.  The images only exist because of the choice to consolidate rather than entering into a student loan rehabilitation. If consolidation is not a choice for you, then the rehabilitation should always be considered as the best choice getting out of default.

Positives

Rehabilitated loans are eligible for forbearances and deferments

The obligor would be eligible for new student loans

The default status is removed from the credit report

Collections calls would stop

Negatives

It takes up to ten months for the default status to be removed

Any late fees could restart the rehabilitation time

Federal student loans can only be rehabilitated once

What If I’m In A Salary Confiscation

If you are inactive salary confiscation, the amount taken from the salary confiscation will not be applied to any rehabilitation fees.  You must make all the rehabilitation fees while also having your wages garnished concurrently. By going through a complete & full rehabilitation, your student loan salary confiscation will be stopped.

What If I Already Rehabilitated My Loan

Student loans can only be rehabilitated once.  If you re-default on loan, rehabilitation is no longer a choice. You may be suitable for a student loan consolidation to delete the default status on your loans. When your loans are combined with William D. Ford Direct Loan program, all your loans would be consolidated into one new loan, and you would no longer be in default.  No rehabilitation payments would be required to consolidate, but the default status on your loans that have been merged will still appear, although the loans will have a zero balance. Once combined, you can choose the IBR repayment plan and always have an affordable payment and limit your risk of falling into default again.

How Do I Begin The Student Loan Rehabilitation

If you have determined that student loan rehabilitation is what is best for you, you’ll need to contact your lender or the collections organization to get started.

Are There Any Easier Choices?

Another choice to get your loans out of default is to combine into the William D. Ford Direct Loan program. This consolidation will receive all credit, and combine them into one new loan, often with a new lender.  The consolidation process takes 1-2 months from when your new lender receives your file. There would be no fees due to consolidate your loans if doing it on your own. The only drawback in this consolidation is that your loans are no longer in default, your former loans will stop show as having been in default on your credit report, but with a present balance of $0.00 having been paid off through a consolidation. If you want to check your compliance for a concentration, call  1-800-820-8128.

student-loan-forgiveness

Expert Advice About the Ways to Get Student Loan Forgiveness in 2019

Borrowing student loans seems a comfortable way for students to get a college degree. After graduation, most of them face difficulties while paying their debt back. As a result, every

student loan forgiveness program

What Are the Benefits of Elizabeth Warren’s Student Loan Forgiveness Program?

During the season of presidential elections, it is hard to keep track of all the reform proposals. However, It is evident that presidential candidates will address student loan issues a

ITT Tech lawsuit

What is Recent News About ITT Tech Lawsuit Claims?

It’s been almost three years since the ITT Tech lawsuit made headlines. In a country like America, where most college students apply for federal student loans. The process and the

student loan consolidation

Student Loan Consolidation Scams and Options for the Actual Help

We all wish for a successful and stress-free college career, but as we all know, this comes with a cost. The main concern that crosses a student's mind when enrolling

Sallie Mae loan forgiveness

How Does Sallie Mae Loan Forgiveness Help Students?

In case you're thinking about whether Sallie Mae loan forgiveness is available or not, you need to comprehend some information about the loan specialist initially. Sallie Mae is omnipresent inside

debt settlement

What are the Good Strategies for Student Debt Settlement in 2019?

If we say that youth are suffering from student loan burden, that metaphor wouldn’t be possibly an exaggeration. Because university fees are high and young people, who want to build

student loan scams

How to Tell If Your Company is a Student Loan Scam

    Students are facing numerous problems during their study life regarding lectures, exams, deadlines and of course payments. High tuition fees and economic inability lead those students to acquire student loans.

federal student loan forgiveness-2

Federal Student Loan Subsidized Interest Rate for 2018-2019 School year – Federal Student Loan Forgiveness Options

There are many loan programs as you know. But which one of them is more beneficial? Have you ever thought about that? We guess, yes! Therefore, you are here to

ITT Tech news

What is the current ITT Tech news for former students?

As we saw the ITT Tech news in the mainstream media, let’s cover up the whole story in detail. The education department decided to close vocational colleges. After this incident,

Student loan consolidation

Check All these Student Loan Consolidation Sources Before Selecting One

When graduating from college, the average American student is has a debt of around 40,000$ with this amount increasing up to 60,000$ if we are considering a graduate school as

itt-tech-news3

ITT Tech News: Everything you need to know about ITT Tech Tuition and Loans

Students face many problems during their study life. Those problems may differ from low grades to economic ones. However, what if the university that they are studying now is shutting

Student Debt Relief

What does Elizabeth Warren think about Student Debt Relief Plan

The United States is the first on the ranking of the countries with the highest national debt. And there is no doubt that it has a considerable direct or indirect

student loan debt

What does Jamie Dimon think about student loan debt?

It has been years that the student loan debt issue is one of the most arguable points in the United States. Apart from its massive impact on new graduates, these

student loan consolidation

How Do Student Loan Consolidation Companies Make Money?

Nowadays almost every student borrows money through student loans to pay their education costs, yet find themselves in challenging condition to repay their debt. Student loan debt can be overwhelming,

Student-Loan-Debt

Will Consolidating Student Loan Debt Hurt My Credit Score?

The days are gone when the state education system guaranteed free education at a higher educational institution for everyone who wanted to. Today, although there are budget places in the

Navient-Student-Loan

The 5 Secret Ways to Get Navient Student Loan Forgiveness

Every day, a bubble of the student loan debts is getting more and bigger. Today, the United States ranks the first among all other world countries in terms of the

student-loan-forgiveness

Learn why 99.5% Of People Are Rejected For Student Loan Forgiveness Program

Research has found that it takes approximately 12 years for a student to pay their student loan debts. However, the system offers a public student loan forgiveness program that allows

Sallie Mae Student Loans

What are the Problems with Sallie Mae Student Loans?

Our student loan, which we can not get rid of, and we think that they are going to whip us, or it is a burden on our back! Even though

loan-discharge

Do You Qualify For A Closed School Loan Discharge?

It is impossible not to ignore the real benefits of studying in the USA! The most noticeable are the ratings of American universities. US universities hold leading positions in ALL

Student Loan Forgiveness

Student loan forgiveness: What you don’t know (but should)

As university years finish, it brings a massive amount of debt with itself. Recent graduates are entitled to find a job at first to repay student loans. When the time