Consolidating loans in default
For federal student loans the borrower must sign a promissory note prior to the disbursement of funds which is a legally binding agreement between the borrower and the lender.
In this promissory note there would have been clear repayment terms for the money that was being borrowed.
You must also: A lump sum pre-payment doesn't satisfy the requirements for nine consecutive monthly payments.A lump sum pre-payment doesn't satisfy the requirements for six consecutive monthly payments. Once you're eligible for aid, if you become more than 15 days delinquent on your loans, you'll be ineligible for any additional aid under this program.« Back This program takes your loan out of default and removes the default from your credit report.This will bring your loan out of default status and update any consumer reporting agency listings made by OCAP.You must maintain your payments until the loan rehabilitation is completed and you're contacted by your new lender.
It’s not a shameful or embarrassing position to be in. And, as I’ve recently learned, we have options if we aren’t afraid to pursue them. When that job finished, I moved to New York for graduate school and deferred my loans while studying for my master’s degree in education. I decided that I didn’t want to be a teacher anymore.