Consolidating college loans tips

If you failed to make your payments on your federal student loan and now are in default, don’t let the consequences of default affect your financial future. Loan Rehabilitation Loan Consolidation Repayment in Full Getting Help With Your Defaulted Loan 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.

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.

If you make three voluntary, on-time, full monthly payments before consolidating, you can choose from any of the repayment plans available to Direct Consolidation Loan borrowers.

If you rehabilitate a defaulted loan, the record of the default will be removed from your credit history.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.If you choose to repay the new Direct Consolidation Loan under an income-driven plan, you must select one of the available income-driven repayment plans at the time you apply for the consolidation loan and provide documentation of your income.However, your credit history will still show late payments that were reported by your loan holder 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.

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