Student loan borrowers in default now have more options than ever before to repay their student loans. After you graduate, leave school, or drop below half-time enrollment, you have six or nine months before you begin repayment.
Private student loan consolidation is a great way to significantly lower your monthly loan payments by combining all your private student loans into one manageable loan. Private student loan consolidation reduces the stress of multiple payments, and allows you to budget accordingly to meet your payment as well as lowering your interest rate.
Your options for rehabilitating a defaulted student loan are; consolidate your loan through the Federal Family Education Loan (FFEL) loan consolidation program or the William D. Ford Direct Loan Program (Direct Loan Program); or rehabilitate your loan through the USDE loan rehabilitation program. Since defaulted student loans have no statute of limitations for enforceability, you would remain ineligible to receive any additional loans from the government including HUD or VA loans until you complete one of the options mentioned above.
• Internship/Residency & Military Deferment: A 48 month deferment for medical/dental residents and a 36 month deferment for all active-duty military personnel is available through the Graduate Leverage Private Student Loan Consolidation Program.
• Repayment Term: Undergraduate borrowers may receive up to a 25 year repayment term which offers the lowest possible monthly payment, and graduate student borrowers may receive up to a 30 year repayment term.
• No Prepayment Penalties: All payments in excess of scheduled payments go directly to principal.
• Reduced Interest Rates: Borrowers with improved credit may often lower their interest rate. Existing loan holders will not reduce your interest rate if your credit has improved.
• Rate Reductions: Borrowers may apply on their own or with a credit-worthy co-signer for private student loan consolidation. Borrower and Co-signers with superior credit may receive lower APR loans.
Other Benefits of Private Student Loan Consolidation:
• Lower Monthly Payments: With private student loan consolidation, most borrowers can reduce their monthly payment by extending the repayment term of their private student loan debt.
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