Student Loan Rehabilitation Agreement Form

2. A loan shall be deemed to be rehabilitated only after – A) the effects of the rehabilitation of the loans (e.g. B deletion of the borrower`s credit history and return to normal repayment); Once you have entered into repayment agreements based on the financial information you have provided to a Trellis representative or online, you must complete and sign the Trellis Rehabilitation Agreement. If you work online, you can use the Electronic Signature (E-Sign) option to complete the form. Otherwise, Trellis will send you the agreement. Trellis` current rehabilitation lenders are listed below. If you do not see your lender/service listed, please contact us. Your FFEL lender may not be able to sell the loan after rehabilitation. According to current guidelines, you should 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, let him transfer the rehabilitated credit to the department. Perhaps you would also like to consider a consolidation into direct credits after a successful rehabilitation.

An interruption during this consecutive period is allowed for the qualified military personnel or civilians concerned. These borrowers can resume their rehabilitation payments at the end of their service. Information on other options for military personnel and certain civilians affected by war or national emergencies can be found in the Special Programs for the Military section of this site. (ii) the former holder of the loan must require, within thirty days of receipt of the notification from the guarantee body, that any consumer registrar which has received notification of the payment of the late payment or other equivalent registration remove that record from the borrower`s credit history. Generally speaking, your loans retain the initial terms and interest rate after the completion of the rehabilitation program. The rehabilitating lender will set a new repayment term of 10 years (120 months) or up to 30 years (360 months) for sanitation loans, less the nine months you are in charge of qualifying for rehabilitation. The monthly payment set with the rehabilitating lender may result in a higher monthly payment than what you pay to qualify for rehabilitation. If you need to make lower monthly payments, you may have income-based repayment plans.

Check with your lender to see if you qualify. (C) the rehabilitation agreement is not entered into if the borrower does not provide the necessary documents to confirm the monthly payment referred to in subsection (b) (1) (iii) of this section. (iii) A borrower can only benefit from a suspension of the seizure of administrative wages once, while trying to rehabilitate a broken credit. The loan holder may tell you that you must make a “good faith” payment while waiting for you to submit documents about your income. It`s your choice. You don`t have to pay. However, you might want to do this to start the nine-month rehabilitation period. Note that these payments are only charged over the nine months if the final amount of rehabilitation is not greater than the amount you are paying as a bona foi payment. (A) a minimum amount necessary for the payment of the credit (for example. B USD 50) if the Agency finds that a smaller amount is reasonable and affordable; Depending on your financial circumstances, your qualifying monthly payment for credit rehabilitation can be as low as $5. (i) For the purposes of this Section, payment means the full payment of a reasonable and affordable amount based on the borrower`s overall financial situation, as agreed by the borrower and the Agency.

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