You still have options even in default
You can recover from default, but you need to act quickly. Contact your loan holder. They can help you find a solution that fits your circumstances.
If you don’t know who your loan holder is, go to the National Student Loan Data System (NSLDS), which is the central database for all federal student loan information. If ECMC holds your loans, contact us.
Explore your options. Work with your loan holder. Together, you can start repairing the damage.
Option 1: Pay your loans in full
Paying your outstanding student loans in full has many advantages, and it may even preserve your credit score.
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Option 2: Rehabilitate your loans to get out of default
Loan rehabilitation will get your loans out of default and repair your credit score. It will even restore your loans to their pre-default state.
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Option 3: Set up a default repayment plan
A repayment plan won’t get your loans out of default, but it can protect you from the harshest consequences of default—like having your wages garnished and your tax refunds withheld.
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Option 4: Consolidate your loans
Consolidation gets your loans out of default by refinancing them into one new loan. Consolidation may lower your monthly payments too, but it could increase your total costs.
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Option 5: Determine eligibilty for loan cancellation
In certain, limited situations you can have your loans cancelled or discharged. Generally loans are discharged if the school you attended closed while you were there, or some form of fraud occurred. Loans may also be cancelled in the cases of becoming permanently disabled or dying.
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