Student Loan Rehabilitation Services in Philadelphia, PA

Are you a Philadelphia, PA resident grappling with the consequences of student loan default? Student loan rehabilitation might be the lifeline you need to restore your financial health. This process can convert your defaulted loans to good standing and potentially remove negative credit report entries, which can improve your credit score and enhance your prospects for future borrowing.

For personalized assistance with your student loan rehabilitation in Philadelphia, reach out to Graham & Borgese. Connect with us online or dial (888) 801-7765 to explore your options!

The Process of Student Loan Rehabilitation in Philadelphia, PA

Embarking on student loan rehabilitation involves a commitment to a 9-month payment plan agreed upon with your loan servicer. These payments are tailored to be affordable, often as low as 1% of your total loan balance. To secure lower payments, you must demonstrate financial hardship, but remember, the opportunity for rehabilitation is a one-time offer.

Adherence to the payment schedule is crucial; all payments must be made within 20 days of their due dates, and accelerating payments is not permitted. Should you falter in this agreement, your loans will remain in default.

Completion of the rehabilitation process occurs when a new lender acquires your loan. Although the timeline for this transfer is not fixed, it marks the beginning of positive changes, including the removal of negative credit entries and updated loan status on the National Student Loan Data System, making you eligible once more for financial aid and various repayment options.

Loans That Are Eligible For Rehabilitation

It's important to note that only federal student loans are eligible for rehabilitation. Philadelphia residents with the following loans can take advantage of this program:

• Federal Stafford loans
• Federal Perkins loans
• Federal PLUS loans for parents of undergraduates
• Federal Grad PLUS loans for graduate students
• Federal Consolidation loans
• Federal SLS loans
• Health Professions Student Loans (HPSL)
• Nursing Student Loans (NSL)

Benefits of Student Loan Rehabilitation for Philadelphia Residents

Choosing to rehabilitate your student loans can bring a multitude of benefits:

• Cessation of collections efforts and legal actions
• Prevention of wage garnishment and tax refund seizures
• Reinstatement of loans to "current" status
• Renewed eligibility for deferments, forbearances, and alternative payment plans
• Opportunity to apply for additional loans
• Potential improvement of your credit standing

Speak With Our Philadelphia Student Loan Rehabiliation Lawyers

If you're ready to take the next step towards financial stability, contact Graham & Borgese for expert guidance on student loan rehabilitation in Philadelphia, PA. Visit us online or call (888) 801-7765 to start your journey to recovery.