In today’s economy when things get a little tight and the bills come due, student loans, if you have one, are the first thing that most of us are willing to let go unpaid. Part of the reason is that our government is very lenient when it comes to paying back student loans.
They can afford to be lenient because they know they are going to get their money back one way or another, but if you should ever default on your student loans, they have this neat little thing called the “Student Loan Rehab Program.”
Once enrolled in the program, you are only required to make 9 consecutive payments without going 20 days past the due date and then you are eligible to have the remaining balance of your loan refinanced by a new lender and bring your loan out of default.
Once you are out of default, you are now entitled to all the same student loan benefits that you were entitled to before you defaulted on your original loan. This benefit is priceless when you consider that upon completion of the program, your credit score will improve in the process!
You might also like: Student Loans Never Die…Unless You Do First!
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