student loan rehabilitation program?
How long does it take for this to be reported to the irs so that they will not take your tax refund? My husband has a defaulted student loan. Should we rehab it or try and get a hardship exemption? Which is quicker? We need the money sooner than later. Thank you!I don’t know how long it takes, with everything that is automated now I’m surprised they don’t garnish the money from your paychecks immediately. Thank goodness they don’t. Anyway, to rehab a loan usually takes 6 to 12 months.
When your student loan is defaulted, does a rehabilitation program cost extra to use?
From your own experience, what did you do? Which rehabilitation program did you use?No, but if your loans are in Administrative Wage Garnishment your rehabilitation payments are in addition to the garnishment. I don’t have a choice for rehabilitation programs…there’s only one option through my loan guarantor. Also from my guarantor, rehab is only available after your loans have been in AWG for at least a year.
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Can someone clarify the new rules regarding student loan rehabilitation?
I have been paying off a student loan for the past 10 years. I started many years ago, but the company stopped taking payments from my bank when they sold the loan and didn’t tell me until many months had passed and the loan was defaulted. When I tried to reestablish payments, I was told I couldn’t because I did not have a large “excellent faith down payment” to send them, and I was only looking to set up $ 100/month, which was and is all I can afford. I then a few years ago finally was able to start paying again after going through many, many people, and was told that I could recuperate the loan and get it off my credit when it was paid in full. I now have about $ 650 left to pay, and I got a call the other day from the loan people saying that the rules had changed and the government would not let them recuperate it when it was paid off. My questions are these: how will the loan affect my credit when it’s paid off completely but still sitting on my credit report, and how long will it be there? And what changed in the laws that they are now able to go back on what they told me nearly 3 years ago. I’ve been working diligently for many years to fix my credit, and this was something I was looking forward to getting resolved finally.Black marks on your credit report stay there for 7 to 10 years. A lot of people incorrectly assume that once a terrible debt is paid that it will dissapear off your credit report and this is simply not right. You were still in default or late and it will remain there no matter what anyone from any other agency (besides the 3 huge credit reporting agencies) or joe smoe on the corner wanting your cash to “fix” your credit, tell you. Also the term “recuperate” refers to a situation where you make 6 or more payments to get the loan out of default (usually so people can get eligible for finanical aid again). It does not positively effect your credit in any way…. you were still defaulted on a student loan and this will be there for 7 to 10 years… after it is paid off
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 ancient 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.
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Ok here we go: #1 – there is another option that much quicker (see answer #3 after reading #2) #2 – Rehab is when you are defaulted on your student loans and you want to get back into excellent standing. You would contact whomever is sending you your monthly bill, either the lender you got your loan from or a collections agency. You would request to go into a rehab program with a (honest and affordable monthly payment) the collections agency will lie 100 ways from sunday about it but its the law and your right. That mo payment is based off a financial write up where you show how much money you have left after bills. What ever that number is, is the honest payment. If its 0 or negative a $ 20 payment will suffice. You have to make this payment for 9 months ON TIME. if your a day late, too terrible. Once completed the default will be lifted and any garnishment will be lifted as well and you can start to pay on your loans normally again. 3. You can reform your loans with a company like student loan recovery. They will pay off your student loans and reissue you new once with a different federal lender. This takes them out of default and garnishment and back into repayment. Takes about 30-60 days. Then they would get you on a income based repayment plot that would make your monthly payments something you could afford. If you cant afford anything they would show you how your entitled to placing your loans on hold for up to 3 years without payments. check them out www.studentloanrecovery.com 1-877-865-9212
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It really varies on the collection agency and how long your loan has been in default. If you rehab your loan RIGHT after it goes into default, you may never get your tax refund offset. Your collection agency can give you more information. Some people get the offset removed after only the 4th payment, while some have to wait until all 9 payments have been made. You can claim the hardship and rehab at the same time. It is best to rehab so the default status can by removed, since the government can make your life hell while your loan is in default.
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