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Private student loans and Perkins loans operate under different rules, and for more information on getting out of default, you should reach out to your servicer or the school you attended.Another way to get out of default on a federal student loan is to consolidate it.The circumstances that make you eligible for loan cancellation include: While the above circumstances entitle you access to loan cancellation by law, you will have to prove you meet very specific criteria in order to have your application for cancellation approved.
Learn more » You could choose to pay the full amount of what you owe on your loan to get out of default. Learn more » On this page, we write exclusively about getting out of default on your Federal Direct and FFEL student loans.
Parent PLUS loans are excluded from most benefits provided by the federal government, but if you consolidate these loans, you’ll become eligible for income-contingent repayment and Public Service Loan Forgiveness.
To consolidate a federal student loan, you’ll be asked to make at least three voluntary consecutive on-time payments on the defaulted loan.
You can also contact the Federal Student Aid Ombudsman online or call (877) 557-2575.
In some circumstances, whether your loan is in default or not, you might be eligible to have your federal student loans canceled entirely.
Student loan cancellation is often limited to very specific situations, but in those situations, the option is required by federal law to be available to debtors.