Consolidating federal graduate student loans church of scientology dating

While loan rehabilitation takes several months to complete, you can quickly apply for loan consolidation.

However, loan rehabilitation provides certain benefits that are not available through loan consolidation.

To rehabilitate your loan, you must choose one of the two payment amounts.

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Learn more about loan rehabilitation and loan consolidation.

Unless you make three voluntary, on-time, full monthly payments on a defaulted loan before you consolidate it, your choice of repayment plans for the new will be limited to one of the income-driven repayment plans.

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.

These involuntary payments may continue even after you begin making payments under a loan rehabilitation agreement, but they can’t be counted toward the required nine voluntary loan rehabilitation payments.

Involuntary payments may continue to be taken until your loan is no longer in default or until you have made some of your rehabilitation payments.

To rehabilitate a defaulted Direct Loan or , divided by 12.

Discretionary income is the amount of your adjusted gross income (from your most recent federal income tax return) that exceeds 150 percent of the poverty guideline amount for your state and family size.

You must provide documentation of your income to your loan holder.

If you can’t afford the initial monthly payment amount described above, you can ask your loan holder to calculate an alternative monthly payment based on the amount of your monthly income that remains after reasonable amounts for your monthly expenses have been subtracted.

When your loan is rehabilitated, the default status will be removed from your loan, and collection of payments through wage garnishment or Treasury offset will stop.

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