Are there any government programs to help those who have defaulted on their student loans?

Yes, there are government programs to help those who have defaulted on their student loans in Pennsylvania. These programs are designed to help borrowers who are struggling to manage their student loan debt. The first program is the Pennsylvania Higher Education Assistance Agency (PHEAA) Loan Rehabilitation Program. This program allows borrowers to bring their loans out of default and improve their credit rating. By making consecutive, on-time payments for nine months, borrowers can repay their loans and have their defaulted status removed from their credit report. The second program is the Loan Consolidation Program. This program allows borrowers to consolidate their defaulted student loans into a single loan with a lower monthly payment and interest rate. The consolidation can also help to reduce other fees associated with the loans. The Federal Student Loan Rehabilitation Program is another option for those who have defaulted on their student loans. This program allows borrowers to repay their loans through monthly payments based on their income and family size. Once the borrower has successfully made nine on-time payments, their loan is brought out of default. Finally, many lenders and government agencies offer debt forgiveness and repayment plans to those who have defaulted on their student loans. These plans are designed to help borrowers that are struggling to make their loan payments to stay on track and reduce their total loan balance. Overall, Pennsylvania offers numerous options for borrowers who have defaulted on their student loans. If you are having trouble managing your student loan debt, you should contact PHEAA or your loan servicer to explore the available options.

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Are there any government programs to help those who have defaulted on their student loans?

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