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Federal student loan borrowers have the option of consolidating their loans via the Direct Consolidation Loan program offered by the U. That loan is then serviced by the servicer of your choosing – of which Nelnet is one!

Consolidating allows you to merge multiple eligible loans into a single loan.

Once you have made the required nine payments, your loans will no longer be in default.

To rehabilitate a defaulted Federal Perkins Loan, you must make a full monthly payment each month, within 20 days of the due date, for nine consecutive months.

The two main ways to get out of default are loan rehabilitation and loan consolidation.Late payments will remain on your credit report for seven years from when they were first reported.It’s important that you fully understand loan rehabilitation and loan consolidation before making your decision.While loan rehabilitation takes several months to complete, you can quickly apply for loan consolidation.However, loan rehabilitation provides certain benefits that are not available through loan consolidation.

Before you consolidate, consider the following pros and cons: Note: Just remember, you must continue making payments after submitting your application until you receive notice from your servicer that underlying loans have been paid off.