Of course. Another option for getting out of default is to consolidate your defaulted federal student loan into a Direct Consolidation Loan. Loan consolidation allows you to pay off one or more federal student loans with a new consolidation loan.
Would you like to know how to consolidate a defaulted federal student loan into a new Direct Consolidation Loan?
No, thank you.
I'd like to know something else. What can you tell me about repayment in full?
Well, a third option for getting out of default is to repay the full amount of your defaulted student loan.
What if I want to consolidate a defaulted plus loan that I got for my son's education?
The only income-driven plan you can choose is the Income-Contingent Repayment Plan (ICR).
Ah, I see. So what do I need to do to reconsolidate a defaulted direct consolidation loan then?
You must also include at least one other eligible loan in the consolidation in addition to meeting one of two requirements.
Makes sense, but how can I rehabilitate a defaulted Federal Perkins Loan?