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To rehabilitate your loan, you must choose one of the two payment amounts.Your loan holder may be collecting payments on your defaulted loan through wage garnishment or Treasury offset (taking all or part of your tax refunds or other government payments).Once you have made the required nine payments, your loans will no longer be in default.To rehabilitate a defaulted Federal Perkins Loan, you must make a full monthly payment each month, within 20 days of the due date, for nine consecutive months.

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However, loan rehabilitation provides certain benefits that are not available through loan consolidation.To consolidate a defaulted federal student loan into a new Direct Consolidation Loan, you must either Note: If you choose to make three payments on the defaulted loan before you consolidate it, the required payment amount will be determined by your loan holder, but cannot be more than what is reasonable and affordable based on your total financial circumstances.There are special considerations if you want to reconsolidate an existing Direct Consolidation Loan or Federal (FFEL) Consolidation Loan that is in default: In addition, if you want to consolidate a defaulted loan that is being collected through garnishment of your wages, or that is being collected in accordance with a court order after a judgment was obtained against you, you cannot consolidate the loan unless the wage garnishment order has been lifted or the judgment has been vacated.That cell of the table has now been corrected to indicate that loan consolidation will not result in removal of the record of default from the borrower’s credit history.If you rehabilitate a defaulted loan, the record of the default will be removed from your credit history.However, your credit history will still show late payments that were reported by your before the loan went into default.If you consolidate a defaulted loan, the record of the default (as well as late payments reported before the loan went into default) will remain in your credit history.Another option for getting out of default is to consolidate your defaulted federal student loan into a Direct Consolidation Loan.Loan consolidation allows you to pay off one or more federal student loans with a new consolidation loan.Also, the record of default on the rehabilitated loan will be removed from your credit history.However, your credit history will still show late payments that were reported by your loan holder before the loan went into default.

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  1. When you consolidate student loans – either federal or private – it's one. The Direct Consolidation Loan program is the right choice if your goal is to. Online lenders SoFi and LendKey have jumped to the front of the line.

  2. What Is Loan Consolidation? Federal student loan borrowers have the option of consolidating their loans via the Direct Consolidation Loan program offered by.

  3. Government Direct Consolidation is available mainly for students who. Their loan programs currently include the Federal Perkins Loan, Federal Direct. decide to consolidate their outstanding Federal loans they may apply online for a Direct.

  4. You must log in to complete and submit federal student loan processes. LOG IN. Borrowers who want to consolidate their federal student loans. Note There is.

  5. Should I consolidate my federal and private student loans together. If you consolidate your student loans through the federal Direct Consolidation Loan program. You can consolidate your federal student loans online through the U. S.

  6. The Direct Loan program is the only government loan consolidation program. In the past, many borrowers consolidated their federal student loans to save money on. Click espanol to find a Spanish version of the on-line application.

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