What will consolidating a perkins loan do
Discretionary income is the amount of your adjusted gross income (from your most recent federal income tax return) that exceeds 150 percent of the poverty guideline amount for your state and family size.You must provide documentation of your income to your loan holder.
Also, the record of default on the rehabilitated loan will be removed from your credit history.The two main ways to get out of default are loan rehabilitation and loan consolidation.While loan rehabilitation takes several months to complete, you can quickly apply for loan consolidation.One option for getting your loan out of default is loan rehabilitation.To rehabilitate a defaulted Direct Loan or , divided by 12.Find out where to go for information about your Perkins Loan.
When your loan is rehabilitated, the default status will be removed from your loan, and collection of payments through wage garnishment or Treasury offset will stop.
*NOTE: We previously indicated that loan consolidation would result in removal of the record of default from a borrower’s credit history.
That cell of the table has now been corrected to indicate that loan consolidation will not result in removal of the record of default from the borrower’s credit history.
The decision whether or not to consolidate can be tricky.
There are many different factors for students to consider in order to ensure that they’re making the right choices for their families and their wallets.
Student loan consolidation is a relatively easy concept to understand: it is the process of taking multiple student loans and combining them into one. Before consolidation, a student borrower might have multiple loans to pay back and many different loan balances to track.