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The two main ways to get out of default are loan rehabilitation and loan consolidation.While loan rehabilitation takes several months to complete, you can quickly apply for loan consolidation.You’ll get a new loan term between 10 and 30 years, depending on your balance. A longer term also will result in paying more in interest.But you can always pay off your loan faster if possible, which will save money.The goal with this process is not only to get the ease of a single payment, but to receive a lower interest rate based on your financial history.

However, your credit history will still show late payments that were reported by your before the loan went into default.

People who are working in the public sector or taking advantage of federal debt relief programs such as income-based repayment or public service forgiveness may not want to refinance, as these programs do not transfer to private refinance loans.

Consolidating student loans via refinancing is best for people whose financial position - in terms of employment, cash flow, and credit - has improved since they graduated from school.

If you’re considering either federal or private student loan consolidation in order to get a drastically lower loan bill, look further into income-driven repayment instead.

One way to get out of default is to repay the defaulted loan in full, but that's not a practical option for most borrowers.

Consider federal consolidation if you: If you’re considering either federal or private student loan consolidation in order to get a drastically lower loan bill, look further into income-driven repayment instead.

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