Repayment Agreement Under The Loan Rehabilitation Program Form
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1
2Repayment Agreement Under the Loan Rehabilitation Program
Borrower’s Name: ____________________________________, _______________________________ ____
U.S. Department of Education Account Number: ____________________________
You have expressed to us that you wish to rehabilitate your defaulted Federal Family Education Loan (FFEL) program student
loan(s), Federal Perkins, National Direct, National Defense and/or Direct Loan(s) held by the U.S. Department of Education
(ED).
We have calculated your monthly repayment amount to be $___________________ based on information about your
income that you have provided to us.
If you agree to make monthly payments of this amount, sign the agreement and return it to us at the following address:
Email:
ffelforms@fams.net
-
Web upload:
https://studentloan.famspayonline.net
-
Fax:
1-678-623-8091 or 1-678-623-5159
-
Mail:
Financial Asset Management Systems, Inc. (FAMS)
P.O. Box 451437
Atlanta, GA 31145-1437
PLEASE NOTE: Digital Signatures Are Not Acceptable
If you fail to return the signed rehabilitation agreement, it is null and void.
If you object to the monthly payment that we have calculated, we will recalculate your monthly payment based on
more detailed information related to your financial circumstances. If you wish for us to recalculate your monthly
payment, notify us of your objection by telephone or in writing within 15 days of the date of this letter. You must
submit a financial statement form and any required supporting documentation within 30 days of the date of this letter.
You can obtain the form at the following website: https://studentloan.famspayonline.net, or by calling us at 888-668-6929.
Based on the information that you submit, we will calculate a reasonable and affordable monthly payment.
This letter confirms my acceptance into the loan rehabilitation program and my agreement to repay my defaulted Federal Family
Education Loan (FFEL) program, Federal Perkins, National Direct, National Defense and/or Direct Loan program student
loan(s) held by the U.S. Department of Education (ED). I understand that compliance with this agreement is a prerequisite to
rehabilitation of my loan(s).
I understand that I must make at least nine (9) monthly payments of $___________________, beginning ________________,
mm/dd/yyyy
with each payment due on the _______ of each month thereafter.
I also understand and agree to repay under the following terms and conditions:
1.
I must make each payment no more than twenty (20) days before or twenty (20) days after the due date for that
payment.
2.
If I am rehabilitating FFEL or Direct Loans, I must complete the initial payment and at least eight (8) of the other required
monthly payments within a ten (10) month period that begins with the month in which the initial payment is scheduled
here.
3.
If I am rehabilitating Federal Perkins, National Direct or National Defense loans, I must make nine (9) consecutive
monthly payments.
4.
If I fail to make these payments as explained here, I must sign a new repayment agreement and complete a new series
of at least nine (9) agreed-upon payments in order to qualify for rehabilitation of my loan(s).
5.
I cannot change the monthly payment amount without ED’s agreement or the agreement of the collection agency
servicing my account.
6.
I agree to provide a new financial statement and supporting documentation in order to support a request to change my
required monthly payment amount. I also agree to provide three personal references upon request.
7.
I must continue to make monthly payments to ED after I have completed the minimum of at least nine (9) payments as
described above until I am notified in writing by ED’s loan servicer that the rehabilitation has been completed and that I
am to begin making payments directly to ED’s loan servicer.
8.
Any interest that I owe at the time my loan(s) are rehabilitated will be capitalized. This means that unpaid interest will be
added to the principal balance, and this combined amount will become the new principal balance that I owe on the
loan(s). Interest will accrue on this new, higher principal balance.
9.
ED agrees to waive collection of any cost ED incurs as a result of the rehabilitation of my loan(s). However, if I default
on my loan(s) in the future, ED may collect as part of the debt then owed the collection cost originally waived under this
agreement. This will substantially increase the amount that will then be owed at the time of re-default to satisfy the debt
to ED.
412322052
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