The process of rehabilitation a loan out of default status & removing the default notation from a borrower’s credit report. To restore a Direct or a FFEL Loan, the borrower must make a minimum of 9 monthly payments of an agreed amount within 20 days of their monthly due dates over a 10-month period. To restore a Perkins Loan, a borrower must make nine on-time, consecutive monthly payments of an agreed-upon amount. Rehabilitation terms and conditions vary for other loan types and can be obtained directly from loan holders.
A company that collects payments on a loan, responds to customer service inquiries, and performs other administrative tasks associated with maintaining a loan on behalf of a lender. If you’re unsure of who your federal student loan servicer is, call us now at 877-698-2733 and one of our specialist will be able to obtain this information for you. We will need your FAFSA PIN number which was issued to you when you applied for your federal student loans. If you do not remember your FAFSA PIN # we can obtain this information for you as well.