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Loan Rehabilitation
If you default on your NDSL or Federal Perkins Loan, you may rehabilitate your defaulted loan by requesting the rehabilitation and by making an on-time, monthly payment, as determined by the loan holder, each month for twelve consecutive months.
If you successfully rehabilitate your defaulted NDSL or Federal Perkins Loan, you will again be subject to the terms and conditions and qualify for the benefits and privileges of your original promissory note and the default will be removed from your credit history.
You can rehabilitate a defaulted NDSL or Federal Perkins Loan only once.
If one monthly payment is not remitted, the rehabilitation process terminates, and the loan goes back to the status as before the loan rehabilitation agreement.
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