August 10, 2007, Newsletter Issue #28: Rehabilitating a Bad Student Loan

Tip of the Week

After defaulting on a student loan, you are not eligible to receive any additional federal funds unless you rehabilitate the bad loan. Defaulting on a student loan is never a good thing, especially considering what it does to your credit history. Through the rehabilitation process you make on-time payments on the bad loan. The particular type of loan issued will determine how long the rehabiliation process takes, but it could be for a period of between 9 and 12 months. After rehabilitating the process, your credit history is updated to reflect the current payment history and you could be eligible once again to receive additional federal funds.

About LifeTips

Now one of the top on-line publishers in the world, LifeTips offers tips to millions of monthly visitors. Our mission mission is to make your life smarter, better, faster and wiser. Expert writers earn dough for what they know. And exclusive sponsors in each niche topic help us make-it-all happen.

Not finding the advice and tips you need on this Student Loan Tip Site? Request a Tip Now!

Guru Spotlight
Jennifer Mathes, Ph.D.
Buy My Book