LOAN REHABILITATION

If you default on your Federal Perkins Loan, you may rehabilitate your defaulted loan by requesting the rehabilitation and by making an on-time, monthly payment, as determined by the University, each month for twelve (12) consecutive months.

The advantages of successful loan rehabilitation of your defaulted loan include:

• You will again be subject to the terms and conditions of the original promissory note.

• You will qualify for the benefits and privileges of your original promissory note (i.e. deferment, forbearance and cancellation benefits).

• The default will be removed from your credit history.

• You will have an additional nine years to repay the remaining balance in full.

You can rehabilitate a defaulted Federal Perkins Loan only once.

If you are interested in loan rehabilitation, please contact Stacey Molgaard in the Perkins Loan Office at (402) 554-2953 or perkinsloans@mail.unomaha.edu.