Now it's 17 years later, and I am trying to rebuild my life and go back to school. I've started sending monthly payments to the law office that holds my loan, but at the rate I can afford I won't be able to pay off the balance for a several decades. Polish up your credit and avoid overspending with this bestseller. This comprehensive book explains your repayment options and provides effective ways to get out of student loan debt. It's possible, but not always easy, to rehabilitate a loan that has been reduced to judgment.
Rehabilitation is one way to renew eligibility for new loans and grants.
Then you would need to sign a new promissory note. But all of this depends on the government's being able to find a lender that will now buy your loan. This is often difficult with a loan that has already been reduced to judgment. This would make you eligible for new loans, grants and even deferments. The down side is that only one of the consolidation programs is available for loans that have been reduced to judgment.