In accordance with current Federal Perkins Loan Regulations, Wellesley College has established the following Loan Rehabilitation Plan. Those accounts that have been placed with a collection agency will make payment of that agency. Payments will be deemed on time if received within the first five days of the month that the payment was due. Wellesley College, in accordance with its policy, will establish the amount to these payments. The borrower also regains eligibility for any remaining benefits and privileges of the original promissory note.
Rehabilitation is available only at the written request of the borrower.
If a payment is skipped or determined to be late, the rehabilitation agreement is nullified and the borrower is once again subject to standard collection procedures. If a loan goes back into default after the rehabilitation plan has successfully completed, it cannot be rehabilitated again. Rehabilitation is available one time only.