Saturday, November 13, 2010

How do I consolidate my default school loans?

I would like to get out of default. Who do I contact to ask about them, to know the totals and which ones are actually in default?How do I consolidate my default school loans?
Here is a link to the process of what to do to get out of default. The second link is a publication from the dept of ed.. in the back is information about the NSLDS. They will give you the information about your loans and which ones are actually in default.

Cut and pasted from the publication

National Student Loan Data System (NSLDS)

NSLDS is our database for federal student financial aid where you can find out about the aid you鈥檝e received. If you鈥檝e only just applied for aid, you won鈥檛 find any information on NSLDS yet. NSLDS receives data from schools, guaranty agencies* and U.S. Department of Education programs. The NSLDS Web site is generally available 24 hours a day, seven days a week. By using your PIN, you can get information on federal loan and Pell Grant amounts, outstanding balances, the status of your loans and disbursements made. You can access NSLDS at www.nslds.ed.gov.How do I consolidate my default school loans?
All defaulted federal student loans are held by the U.S. Department of Education Debt Collections Services. You may contact them at 1-800-621-3115.



Because your loans are defaulted, you may not qualify for consolidation right away. Usually they will require a minimum of 3-6 consecutive voluntary payments before you will qualify for a new consolidation loan.

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