Loan rehabilitation
What is the Loan Rehabilitation Program?
The program provides an opportunity to reverse the default status
on your student loan and delete the default status from your credit file.
Program benefits
- Your loan is no longer in active collection status.
- You are eligible to apply for additional financial aid.
- Your loan is eligible for applicable deferments or forbearance.
- ECMC will report to the national credit bureaus the removal of the negative rating from your credit file.
How to qualify
- Only a loan in a default status is eligible.
- No legal judgment can exist against the loan.
Program requirements
- You must make a minimum of 9 consecutive months of on-time voluntary payments (made within 15 days of the due date) for the agreed upon monthly payment amount.
- The minimum monthly payment must be agreed to by ECMC and the borrower. The agreed amount will be determined by ECMC to be reasonable and affordable.
- Any payment made over the minimum payment amount will be applied to the account; however, will not advance the next payment due date.
| Eligible loans | |
| Federal Stafford (formerly GSL) | Federal PLUS (Parent Loans For Undergraduate Students) |
| Federal Perkins (formerly NDSL) | Health Professions Student Loan (HPSL) |
| Health Education Assistance Loan (HEAL) | Nursing Student Loan (NSL) |
| Federal Consolidation Loan | Federal Insured Student Loan (FISL) |
| Federal SLS (formerly ALAS) | Federal Grad PLUS (PLUS loans for Graduate and Professional Students) |
Who to contact
If you are interested in learning more about the Loan Rehabilitation Program,
contact an ECMC representative at 800.780.7997, or by e-mail at
collections@ecmc.org .
