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Private. In no time, you will be out of default and your loan will be back in good standing. Remember, it’s in your best interest to act quickly to resolve the default, because the consequences of default can be severe. 3 Ways to Get Student Loans Out of Default. At first, I was skeptical of this collection agency that claimed to have $16,000 worth of defaulted student loans in my name. Unfortunately, this is not generally an option that borrowers in default will have access to. This process can take several months, but … Tell the customer service representative that you are planning to return to school and would like to restore your financial aid eligibility. It takes some effort, but you can get your loans out of collections and default status. Lenders vary in their procedures for getting loans out of default, so talking to your lender is the best way to find out what your specific options are. Consolidate Your Student Loans. Consolidating your federal student loans is the quickest and easiest way to get out of default and stop calls from student loan collection agencies. Going back to college can be a challenging task if you're in default on federal student loans. If you’re ready to regain control of your student loan debt, here are the steps to get your student loans out of default using student loan rehabilitation. First, contact the agency that is billing you to explain your situation, ask for more information on your options, and let them know that you want to work out a plan to get your loan back on track. When your loans are in default, you lose the ability to do a … After all, I had been tracking my student loans pretty well, and this agency said I owed a debt I couldn’t trace. Each way out of student loan default has its strengths and weaknesses, as outlined above. If you find yourself in default, there are options to get your loans back under your control. Tell the customer service representative that you are planning to return to school and would like to restore your financial aid eligibility. Loan rehabilitation Heres what not to do: If you’re having difficulty figuring out how to get your student loans out of default, one of our Student Loan Consultants can … If you dropped out of college for one reason or the other and have made the decision to go back and you intend on borrowing money to do that, it is important that you would have kept up with the payments to be eligible for more money.. Are you in default of your student loan and need to continue with your schooling? Call your student loan lender and discuss with them that you would like to go back to school and thus would like to get your loan out of default. I was going to go to graduate school, become an elementary school teacher, work in a high-needs public school for five years, and have the rest of my federal debt forgiven. Repayment in full. If you didn’t make payments on your federal student loans and are now in default, don’t get discouraged. by Anna Moreno. First, contact the agency that is billing you to explain your situation, ask for more information on your options, and let them know that you want to work out a plan to get your loan back on track. When I began taking out student loans for university, I had a fool-proof five-year plan for paying them off. Now that you understand your options, it’s time to take action. You will also lose deferment and forbearance options (federal), and could have your social security or disability income seized. In no time, you will be out of default and your loan will be back in good standing. Mistakes in applying for a how to get student loans out of default to go back to school. Private student loans and Perkins loans operate under different rules, and for more information on getting out of default, you should reach out to your servicer or the school you attended. The quickest way to do this is if you fill out an application for how to get student loans out of default to go back to school online and send the necessary package of documents, attaching it to the application or sending it by e-mail. Call the lender for your defaulted student loans.