Loan rehabilitation program policy
The school will notify defaulted borrowers that the rehabilitation option is available.
The borrower must request the rehabilitation.
The school will request financial information from the borrower in order to determine a fair and equitable payment amount in keeping with the terms of the rehabilitation policy.
The borrower may be put on a temporary payment plan or forbearance in order to bring all interest and late fees completely current before a rehabilitation plan is put in place.
The borrower will receive an information packet in order to begin rehabilitation. The packet will consist of at least the following:
An informational letter stating the amount that will be rehabilitated, the address to which all payments must be sent and the person to contact with any questions
A repayment schedule and a copy of the original promissory Note
A rehabilitation affirmation form
The school will track all payments to verify that they are made on time. If the borrower fails to make an on time payment, the school will notify him/her the rehabilitation agreement is void and if they wish to continue they must request a new rehab agreement and schedule.
Upon successful completion of twelve on time monthly payments, the borrower will be notified that he/she is returned to regular billing.
will be notified to delete the previous negative credit history within 30 days of the date the last validating payment is received.
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