REHABILITATION TRAINING DEFERMENT REQUEST. Ford Federal Direct Loan (Direct Loan) Program / Federal Family Education Loan (FFEL) Program / Federal Perkins Loan (Perkins Loan) Program. WARNING: Any person who.
Repaying Your Defaulted Student Loan. Rehabilitation is a program to remove your student loan(s) from a default status.
To rehabilitate your defaulted student loan(s), you must make nine voluntary, on- time, full monthly payments during a period of 1. After you have successfully completed TG's rehabilitation program, TG will delete its reporting of the default to all national consumer reporting agencies. In addition, TG will request that the lender that filed the default claim on your student loan(s) also remove the default status from your credit report. Generally, upon completion of the rehabilitation program, you will have nine years and three months to repay the remaining balance of your loan(s) or up to 2.
This is because the nine monthly payments you made to rehabilitate your loan(s) are considered the first nine months of the rehabilitated loan's repayment period. If you need to make lower monthly payments, certain other income driven repayment options may also be available to you. Check with your lender to determine if you qualify. TG attempts to establish and maintain agreements with lenders to purchase rehabilitated loans; however, there may be periods of time during which no lenders are participating in TG's rehabilitation program or during which no lender is willing to purchase your loan(s) on terms that TG considers commercially reasonable. Accordingly, the sale of your loan(s) by TG to another lender is dependent on there being, at the time your loan(s) becomes eligible to be resold by TG to a participating rehabilitation lender, one or more lender(s) who is/are participating in TG's rehabilitation program and who is/are willing to purchase your loan(s) on terms that TG considers commercially reasonable. Eligibility requirements. Loans for which a judgment has been obtained, or for which you have been convicted of, or have pled nolo contendere (no contest) or guilty to, a crime involving fraud in obtaining federal student aid funds are not eligible for rehabilitation.
To qualify: You must establish a satisfactory repayment arrangement and make nine on- time, voluntary, full monthly payments. Payments obtained by state offsets or federal Treasury offsets, wage garnishment, trustee payments, or income or asset execution will not satisfy this requirement. TG will determine your monthly payment amount based on either a required federal methodology or your unique financial circumstances. You must provide TG with certain financial information necessary to calculate your payment amount. You cannot pay ahead or remit double payments in order to accelerate the rehabilitation process. The account balance at the time of the rehabilitation must be at least $1,0. Rehabilitation process.
Once your loan(s) are set up for rehabilitation, TG will mail its Rehabilitation Agreement to you. You must fill out the Rehabilitation Agreement completely and return it to TG. Incomplete agreements will not be accepted. You must provide TG with documentation verifying the financial information you provided to determine your payment amount. You must complete and return the signed Rehabilitation Agreement in order to participate in TG's rehabilitation program. Once the payment criteria above have been met, a participating lender will purchase the original loan(s), and you will continue to make monthly payments to the new lender.
TG's current rehabilitation lenders are. ACS Education Services (East West Bank)P. O. Box 3. 71. 83.
Student Loan Rehabilitation. Rehabilitation of Direct Loan program loans is automatic when the borrower has completed the steps required to rehabilitate the loan. But it may still take up to 90 days after the loan is. What Is Student Loan Rehabilitation? If you are in default on federal student loans, a federal program called student loan rehabilitation provides you with a way to get your loans current by making affordable payments.
Pittsburgh, PA 1. Phone: (8. 00) 8. ACS Education Services (Homebanc N. A.)P. O. Box 3. 71. Pittsburgh, PA 1. Phone: (8. 00) 8. AES (College Savings)Harrisburg, PA 1.
Phone: (8. 00) 2. AES (Sun Trust Bank)American Education Services. Harrisburg, PA 1. Phone: (8. 00) 2. Georgia Student Finance Authority (Edsouth) P. O. Box 1. 16. 22.
Atlanta, GA 3. 03. Phone: (8. 88) 4.
Iowa Student Loan (First Convenience Bank (FCB) — Killeen)P. O. Box 6. 59. 70. West Des Moines, IA 5. Phone: (8. 00) 2.
Nelnet (SACU)P. O. Box 2. 97. 0Omaha, NE 6. Phone: (8. 88) 4.
Previously used rehabilitation lenders/servicers are. Rehabilitation benefits. After you have successfully completed TG's rehabilitation program, TG will delete its reporting of the default to all national consumer reporting agencies. In addition, TG will request that the lender that filed the default claim on your student loan(s) also remove the default status from your credit report.
You will regain eligibility for any remaining deferments and forbearances for which you may be eligible (additional criteria may apply). You will regain eligibility for additional federal student aid, provided that you have no other student loans in default and meet all other eligibility criteria.
You will be given the same maximum repayment period you received when you initially took out the loan, minus nine months (i. Rehabilitation Agreement)*. Contact your new lender to inform them if you wish to repay your loan(s) under the Income- Based Repayment plan.
Your loan(s) will retain the original terms and interest rate.* If you are currently in Administrative Wage Garnishment, you may be eligible to rehabilitate your account. For more information on TG's rehabilitation program, call TG at (8. TG an email message.