Consolidation & Rehabilitation FormsYour loan can go into default if you have not been able to make a payment in at least 270 days. However, you have options!
Loan Consolidation - Allows you to combine multiple student loans into one new loan. This results in one payment for all loans and the return of your Title IV eligibility.
Loan Rehabilitation - You can rehabilitate a defaulted loan by making satisfactory repayment arrangements with your guarantor. You must make 9 consecutive, on-time (received within 20 days of the due date) full monthly payments.
Loan Rehabilitation Requirements:
- MGSLP must approve the rehabilitation payment amount and due date.
- MGSLP must receive nine on time (received within 20 days of the due date), full monthly payments.
- Borrowers cannot pay ahead or remit double payments. A lump sum payment equal to the amount of nine monthly payments cannot be used to accelerate the rehabilitation process.
- Rehabilitation payments must be voluntary payments. Payments obtained through wage garnishment, state tax offset, or federal offset will be applied to your account balance, but cannot be used to rehabilitate a student loan.
Once rehabilitation is completed, MGSLP will turn in an update to all major consumer reporting agencies deleting all reporting from MGSLP. These updates may take 45-60 days to be completed. Please click here for the list of agencies that we report information to and ways to contact them.
For questions, please feel free to contact our Default Resolution Unit at (800)-322-3086 or email us.
Consolidation and Rehabilitation Forms*These forms are only for borrowers with defaulted loans
All forms can be downloaded in PDF format if you have Adobe Acrobat Reader. If you don''t have Acrobat Reader, you can download it for free.