Delinquent student loan under collection

Kate,

Welcome to forums. What you can do now, negotiate with the collection agency and ask them how many consecutive on time payments are required for rehabilitation. Generally after 12 to 14 timely payments the account is said to be rehabilitated and the agency will then report it as rehabilitated to credit bureaus.

Be careful this time, because one late payment can damage the whole process.

Once your loan is rehabilitated, you can apply for a consolidation loan also. So try hard for the process of rehabilitation. Make your budget; try some part-time jobs to ensure timely payments.

Rehabilitation is a good process but you should be damn sure before you start. I tried it, but after 10 installments I failed to pay on time and the program was cancelled. I have been suffering till now. I would like consolidation. Try to consolidate your loans. It can lock the interest also.