(i) the borrower received nine of the ten imputations required as part of a monthly repayment agreement. A break during this consecutive period is permitted for qualified military personnel or civilians concerned. These borrowers may resume their rehabilitation benefits after the end of their benefits. Information on other options for military service members and some civilians affected by wars or national emergencies can be found in the special programs for the military part of this site. (b) the terms of the contract. In the loan rehabilitation contract, the guarantee agency undertakes to ensure that its loan rehabilitation program meets the following conditions at all times: (1) A borrower may apply for the repayment of the borrower`s loan, held by the guarantee agency. In order to clean up the loan, the borrower must voluntarily make at least 9 of the 10 payments required under a monthly repayment agreement. The loan holder can inform you that you must make a payment “in good faith” until you provide documents relating to their income. It`s your choice. You do not have to pay this payment. However, you can do this so that you can begin the nine-month rehabilitation period. Note that these payments will only be taken into account for the nine months, as long as the final amount of the payment is not greater than the amount you pay as a “good faith” payment.
Your FFEL lender may not be able to sell the loan after remediation. Under the current directive, you must continue to make payments until a buyer is found, but this should not be a long time. If the lender does not find a buyer, it must assign the rehabilitated loan to the department. Perhaps you should also consider consolidating after a successful rehabilitation in direct loans. Download this worksheet and print it out so you can check your options and determine if consolidation or rehabilitation is right for you. 1. During the loan adjustment period, information on repayment plans, including the income-based repayment plan, which may be made available to the borrower during the adjustment of the defaulted loan and how the borrower can choose a repayment plan after the loan has been acquired by an eligible lender or assigned to the secretary; and (i) when a borrower`s loan is recovered by the seizure of administrative salaries, while the borrower also makes monthly payments for the same loan under a recovery contract, the guarantee agency must continue to recover the loan through administrative compensation until the borrower makes five qualified monthly payments under the recovery contract. , unless the guarantee agency is otherwise granted it in accordance with Article 102. 682.410 (b) (9). 3.
On the sale of a rehabilitated loan to an eligible loan or the transfer to the secretary – Within 15 days the setting of the reasonable and affordable payment amount is subject to the borrower`s written adjustment agreement containing the amount of the payment and other necessary information (standard adjustment contract).