Trying to Rehab a Federal Student Loan? Be careful!

If you are in default on a federal student loan, one option to cure the default is to enter into a 9 or 10 month rehab plan to cure the default.  This can be a paperwork nightmare, with the result ending in wage garnishment if you are not careful.  Once a garnishment starts, it cannot be stopped for five months.  That means that you have to pay a negotiated rehab payment for nine months during which you’ll have 10 paychecks garnished.  Most people’s finances cannot suffer that. So it’s important to do this right.  Sometimes that doesn’t mean doing it yourself if this is a process you are unfamiliar with.  See what a rep for ACSI (Automated Collections Services, Inc.) said about working with our firm recently.  John advised: “he really appreciated how detailed the firm was with advising them of our client’s situation and how he appreciated that we submitted the supporting documentation straight away. He…

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