The federal student loan rehabilitation program is a temporary payment plan for student loans in default status. The borrower is required to make 9 on-time monthly payments, in a consecutive 9 or 10 month period. Perkins loans require the borrower make 9 monthly payments in a 9 month period. All other federal student loan rehab programs, require the borrower to make 9 monthly payments in a 10 month period. The federal plan allows the borrower to miss one payment in a 10 month period. Though, it is best if the borrower makes all 9 payments consecutively without fail to avoid potential problems.
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Student loan debt in the US is estimated to be a staggering 1.2 trillion dollars. Only mortgage debt, beats student loan debt, as the highest form of debt in America. Marketwatch.com states that most of those loans are held by the federal government. The federal government holds the majority of student loans, there are other types of student loans. First are loans held by the federal government. Secondly, there are privately held loans, such as loans provided by the institution, or loans held by traditional lending companies. The first step in dealing with student loan issues, is to determine what type of student loan you have.
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Roughly 40 million Americans carry student loan debt, as reported by marketwatch.com. There are a variety of options available to repay federal student loans. Let's take a look at 3 of the many repayment plans available to you. The most popular loan repayment plan is the income driven repayment plan.
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