Well, a third option for getting out of default is to repay the full amount of your defaulted student loan.
What if I don't have my loan holders contact information to make a payment?
Simply log in and select "view loan servicer details".
How can I get help with my defaulted loan?
Do you need help with your defaulted loan?
Yes, I do.
Then you will need to contact the holder of your defaulted loan. Find out who holds your loan by logging in and selecting "view loan servicer details". Remember: StudentAid.gov does not include information about any private student loans you may have received.
What if consolidate a defaulted loan?
In that case the record of the default as well as late payments reported before the loan went into default will remain in your credit history. Late payments will remain on your credit report for seven years from when they were first reported. It's important that you fully understand loan rehabilitation and loan consolidation before making your decision.
Sounds good. Can I also reconsolidate a defaulted FFEL Consolidation Loan?