Repayment Agreement Under The Loan Rehabilitation Program Form Page 2
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210.
After the date on which my loan(s) are transferred to ED’s loan servicer:
• ED will credit to the rehabilitated loan(s) any payment ED receives that I designate as payment on the rehabilitated
loan(s).
• ED will refund to me at the address on my billing statement any involuntary payment ED receives (for example, a
Treasury offset).
• ED will request that credit reporting agencies remove the record of default on the rehabilitated loan(s).
11.
After the rehabilitation of my loan(s) is completed, ED’s loan servicer that handles my loan(s) will establish a new due
date, will calculate a new monthly payment amount based upon the balance owed at the time of the rehabilitation, and
will notify me of these determinations. The amount of the required monthly installment payment may substantially
increase.
12.
I understand that I can only rehabilitate my loan(s) one time. If I re-default on these loans after I have rehabilitated them,
I will not be able to rehabilitate them again.
13.
If my wages are subject to an administrative wage garnishment order for the loan(s) I intend to rehabilitate, I understand
that garnishment will be suspended once I have made five (5) of the nine (9) payments required for rehabilitation, unless
I direct ED or the collection agency servicing my account otherwise. Once garnishment is suspended, I must continue
making the payments according to this agreement until my loan is rehabilitated. If I fail to do so, garnishment may
resume without further notification to me.
SPECIFIC DEBT ID’S INCLUDED IN THIS REPAYMENT AGREEMENT
I have read the above and agree to the terms and conditions of the loan rehabilitation program and this repayment agreement.
Printed Name: ______________________________________, ____________________________________________ ____
Signature: _______________________________________________________________ Date: _______________________
mm/dd/yyyy
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