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Rehab for Student Loans
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Posted by Anon E Mouse
on March 04, 2002 at 00:56:44:
In Reply to: student loan problems posted by wicdco on March 02, 2002 at 19:58:12:
You can rehab your student loans by making 12 'reasonable' consecutive payments. In return, they will remove all derogatory information from your credit reports. Contact the Department of Education - someone here should have the website that tells you how to rehab your loans. If you don't rehab them (and pay them off), they never go away. They will take your tax refunds (if any) until the debt is paid and also they can garnish your wages. Congress has instructed the Department of Ed to be more aggresive in getting payment on defaulted student loans so don't be surprised if they sue you. I did the rehab (and it was rough - you have to tell them all your bills and how much you make and they set a payment) and have now consolidated my loans and the payment is very low and they removed all the 'defaulted student loan' and 17 times 90 days past due from my reports.
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