If your loans are in default or you have student loans in collections, don’t ignore it. You can minimize the damage by being proactive and taking immediate steps to deal with the problem. This means:Reaching out to your loan servicer to understand the status of your loan and whether it has been sold to collections.The specific steps you could take to get your student loans out of collections vary depending on whether you have federal or private loans.
Here are some of your options to get federal student loans out of collections and return them to good standing:This is a temporary, one-time program offered by the Department of Education; contact your loan holder to enroll. Once approved, your loans will be transferred to a loan servicer and put back into repayment status. You’ll have to select a repayment plan and begin making payments, and the default will be removed from your credit record.
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