Re: default student loan
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Posted by jm10101
(198.80.153.10) on May 16, 2003 at 16:14:49:
In Reply to: Re: default student loan posted by Bry on May 16, 2003 at 15:13:46:
American Student Assistance can only rehabilitate the loans it manages. You can start by learning more about the status of your loans at: http://www.nslds.ed.gov/ The National Student Loan Data System. You can see if the loans are indeed defaulted and who is responsible for managing them. Rehabbing usually involves 12 consequutive ontime payments of at least 1% of the balance of the loan. After 12 payments, the default status is removed and the balance of the debt is re-sold as a new student loan. Not all 'student' loans are the same. If they are private loans and not backed by specific federal programs, they may have an SOL and you MAY be past the time anyone could collect. Start with the NSLDS website.
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