Need help consolidating my student loans

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.Late payments will remain on your credit report for seven years from when they were first reported.It’s important that you fully understand loan rehabilitation and loan consolidation before making your decision.Your required monthly payment amount is determined by your loan holder.Find out where to go for information about your Perkins Loan.To start the loan rehabilitation process, you must contact your loan holder.If you’re not sure who your loan holder is, you can log in to “My Federal Student Aid” to get your loan holder’s contact information.

Depending on your individual circumstances, this alternative payment amount may be lower than the payment amount you were initially offered.

One way to get out of default is to repay the defaulted loan in full, but that's not a practical option for most borrowers.

The two main ways to get out of default are loan rehabilitation and loan consolidation.

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.

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