Loan Rehabilitation
For loan rehabilitation of most defaulted student loans, you must consecutively sign agreements for nine monthly payments for over ten months. The monthly amount you’ll pay is based on your income, so it should be affordable.
Loan Consolidation
For loan consolidation, you are allowed to pay off your defaulted student loan by combining your loans into a new Direct Consolidation Loan. for successful consolidation of student loans into a new Direct Consolidation Loan, you must either agree to repay the new Direct Consolidation Loan under an income-driven repayment plan or make three consecutive, voluntary, on-time, full monthly payments on the defaulted loan before you consolidate it.
Repayment in full
Repayment in full is at it reads. You are required to pay the full amount you owe at any time. However, repayments in full may not be an option for most people. If that’s the case for you, consider deciding between loan rehabilitation and consolidation.
Comparison of the Benefits You Regain After Rehabilitation and Consolidation
With a better understanding of rehabilitation and consolidation, it becomes easy to determine which option is best for you. after your loan has been removed into default successfully, you will regain eligibility for certain benefits. However, it will depend on whether you choose rehabilitation or consolidation.
Conclusion
United Aid Group understands the importance of knowledge; they’ll inform you and point you in the correct direction for student loan debt relief. You’ll also be aware that they have various options for their government-funded debt. With a team of advisors offering excellent customer services, they will provide you with a free consultation and walk you through your financial freedom journey. They’ll save you from suffering tax escheatment and wage from having little knowledge about student loans.
