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

Yes, the government has programs to help those who have defaulted on their student loans in Wisconsin. The government works with private loan servicers to help those who have defaulted on their loans; these servicers can provide assistance including loan rehabilitations, loan consolidations, loan forbearances, deferments, and other repayment options. The Rehabilitation Program allows eligible borrowers who have defaulted on their student loans to make nine on-time, reduced monthly payments to their loan holders, after which the default status of the loan is removed from the borrower’s credit report. The Consolidation Program allows borrowers who have defaulted on their student loans to combine all of their defaulted loans into one new federal loan. This new loan may have a lower interest rate and a longer repayment term than the original loan or loans. The Forbearance and Deferment Programs allow borrowers to temporarily pause their loan payments for a period of time. Interest will still accrue during this time, however, the borrower will not have to make loan payments. Finally, the government also offers a Debt Management Program, which allows borrowers who have defaulted on their student loans to enter a repayment agreement with their loan holder. This repayment agreement helps borrowers to pay back their loans over a period of time in a manner that fits their financial situation. Overall, the government provides several programs to help those who have defaulted on their student loans in Wisconsin. These programs include loan rehabilitation, consolidation, forbearance, deferment, and debt management. If you have defaulted on your student loans, it’s important to contact your loan holder to find out which of these programs may be right for you.

Related FAQs

Are there any programs available to help me refinance my student loans?
Are there any grants or scholarships that can help with student loan repayment?
What are the different repayment options for student loans?
Are there any special considerations for students attending for-profit colleges and universities?
How do I find out if I qualify for student loan debt consolidation?
What are the consequences of defaulting on student loans?
What are the advantages of consolidating my student loans?
What are my repayment options?
Are there any government programs to help those who have defaulted on their student loans?
What types of loans are available?

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

Related FAQs

Related Blog Posts