Consolidating defaulted perkins loan

Depending on the type of loan you hold, there are a few ways by which it goes into default.

One of the largest differences between private and federal student loans is the level of protection and benefits offered.You’ll remain in delinquency until you make up the missed payment and are back on track.After 90 days of delinquency, your status is reported to one of the credit bureaus and your credit score takes a hit.In some cases, the repayment is renegotiated for that period.It must be “voluntary, reasonable, and affordable.”The second option is consolidating defaulted student loans into a Direct Consolidation Loan.

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