What is student loan rehabilitation?

R

robbie1980

New Member
Can someone please explain to me, in the simplest terms possible, what is student loan rehabilitation? What does it mean? Are there any risks to entering loan rehabilitation?
 
I'll try to explain this as simple as possible: a loan rehabilitation is an opportunity for you to remove the loan from default status, so that you'll be eligible for other loans in the future. This is, however, a one time chance! If you fail to remove the student loan from its default status, you won't have a second chance to do so. This is, of course, the risky part, the fact that you basically have 1 shot.

I hope I offered an OK explanation, if you need more details, let me know! :)
 
On top of the phenomenal work the president is doing already, he has put the issue of student-loan excess on the White Houses agenda.
I wonder what kind of legislation would have to be forged and voted into place for default options to be made available.
 
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