In this post, I reviewed the loan rehabilitation agreement letter. Rehabilitation is a one-time thing. That means you can take out new loans and get other financial aid to go back to school even before you get your loans out of default. In my opinion, it’s a no-brainer that you sign it if you want to get your federal student loans out of default. Don’t simply rely on my interpretation. If you ask to change the payment amount, you’ll need to provide updated paperwork of your financial circumstances. UB}H}D�P��M�.ju�:G]���G�sh�� �ǎb�c7���+��K���gx~ o���W���k�=a�pO_�`O�g�'�3�S�Y�Y�������硧��y�����{S�Ao�w��ƻ޻�{�{���@�F�#‰�D<1�H'�B���*b)���D|M"N�f���G�_g_�o�o�/�+��>���m�}�;�k���=���$����(��L�'�ș�brYG�%��?����d�����n�������ܿؿڿ�������:������@V`z`~`e���������������K C/O Coast Professional, Inc. PO Box 2899 West Monroe, LA 71294 Toll Free Telephone Number: (800) 963-5940 Fax Number (716)408-8903 Our office hours are: 8am-8pm CST Mon. Because of that, don’t expect your credit score to take too much of a jump. endstream endobj 12 0 obj <> endobj 13 0 obj <>/ProcSet[/PDF/Text]>>/Rotate 0/Type/Page>> endobj 14 0 obj <>/ProcSet[/PDF]>>>>stream If you’re being garnished, the garnishment won’t stop until after you’ve made your 5 monthly payment. The necessary documents often include the income and expense form, proof of income, and the signed loan rehabilitation agreement letter. Your rehabilitation payment was calculated using either your family size and adjusted gross income from your tax return or your financial circumstances (i.e., your discretionary income after calculating your monthly income, expenses, county of residence, and family size). College and University Division. 10. Is Coast Professional a scam? They’re legit. a��Y�-��F�pQ�#�A�h���h��8\#�'Ng��Ņ�R�s�N�#O�M�5��H�M�J�dH��h)NJ���t�=�X��>�j���i�� ���J��g�+��5ٕ;�=�r��*g�S������F^%!o�ɍr�|U�#?S@�+��^��Q*Ô? regain eligibility for federal student aid. Once you get past the preliminary information, you move on to the actual terms of the agreement. 8am-5pm.CST Fri. Upon the debtor’s signing of this agreement, OGSLP and the debtor agree that the pending Request for Hearing (if any) on this matter is waived and a hearing will not be held under 20 U.S.C. Unless you’re willing to stay in a default status forever or can afford a federal student loan settlement, signing the letter is likely going to be your best move. The truth is that there’s no room for negotiation on your part. We are updating our websites and systems as quickly as possible to explain the types of relief now available for federal student loans held by the Department of Education. %PDF-1.6 %���� 69 0 obj <>stream agreement and agrees to be bound by its terms. The loan rehabilitation program requires you make 9 monthly payments and turn in all necessary documents. – Thur. Before getting to the terms, you’ll be reminded again of the core of your agreement: You’re agreeing to get the default status removed from your federal loan by making 9 monthly loan payments of a certain dollar amount starting on a date you decided and continuing each month thereafter. While I’m good at my job as a student loan lawyer, run the letter by a lawyer if you have questions. 441 0 obj <>/Filter/FlateDecode/ID[<3C99CA9058C7114EA207C4355F37213E>]/Index[389 161]/Info 388 0 R/Length 194/Prev 343975/Root 390 0 R/Size 550/Type/XRef/W[1 3 1]>>stream You can change your monthly payment if you can no longer afford it but you first need to get the agreement of the Department of Education or the collection agency it hired. Coast Professional, Inc, P.O. If you fail to make your on-time payments, you’ll have to restart the entire 9 or 10 month period of payments over. (1) A guaranty agency that has a basic program agreement must enter into a loan rehabilitation agreement with the Secretary. endstream endobj startxref 11 0 obj <> endobj m��@[��j_h۵�Z�֤��~֞i�:��u^�tW�w�{�}���`=Y�O�'�yz�^����������:}��C߫ҏ��&����~O���_^�6$�4�]�#ƈ3��F��a�l�Иn�s�*��Xn��-�.c��`�0��kF���xj���$M�TM��`��Qf���L2G��͠�m���rs�YeV���u�V��. Box 2876 West Monroe, LA 71294 Toll Free: 888.815.2843 Fax: 318.807.4884 Buzzfile estimates CPI’s annual revenue at $29 million and the size of its headquarters staff at 80 employees, with an estimated 300 employees across all locations. h�b``�```*b``��r�01��$a (f`afu`�Ux����a �=�T��+��#�BKC_�`���p�� ���5LL��Q���ۂi��@�����m�^n�/ �� և� h�bbd```b``z"}��?0yH29 I���`�e �a%�m�"�����`s���h0{*��f���)@������6-,�6SLƀHw3 ����� ��`��C����$� � �x� COVID-19 Information President Trump has directed the Secretary of Education to extend federal student loan flexibilities for the COVID-19 emergency through Dec. 31, 2020. After that, you still need to make your remaining payments. You must make your payment within 20 days of the due date. �hJ�¨�T4՗@ ��PAj (a) General. The payment can be made up to 20 days earlier or later. )���T��,SV)��ʷJ�Ҥ\U~V^�H���j�悔�?�I�h5S����3�y�u��N�Sw� �y��zO}����D���i���Z���i��m�6\K�ҵq�xm���ekS�"�X+�ʵ After your loans are transferred to your new loan servicer, your credit report will be updated to have the student loan default status removed. 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). In some cases, I’ve seen the servicer place your loan into a deferment/forbearance while they get your federal loans onboarded. endstream endobj startxref I understand that compliance with this If you default a second time, your only way out of default may be to apply for student loan consolidation. The necessary documents often include the income and expense form, proof of income, and the signed loan rehabilitation agreement letter.. What the Loan Rehabilitation Agreement Letter Says Please contact New York Office Collection Services if you need additional services: 1-800-965-8066 § 1095a. 0 If you agree to make monthly payment of this amount, sign the attached agreement and return it to us by one of the following methods: National Recovery Solutions, LLC. Debtor must sign and return this letter to OGSLP to enter the rehabilitation program. 549 0 obj <>stream For starters, the header typically will list your name, address, phone number, and account number with the Department of Education. The preamble will go on to identify where you should return it to and your monthly payment amount. According to the Better Business Bureau (BBB), Coast Professional Inc. is a collection agency. Making the payment 20 days earlier can stop a wage garnishment quicker. 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). NMLS ID: 1763628 EPM Rehabilitation Agreement Letter (RAL) pdf. Speak with your new loan servicer about getting an affordable payment under one an income-based repayment plan. The Department of Education will agree to. If you fail to return the signed rehabilitation agreement, it is null and void. 389 0 obj <> endobj Q: Should I sign the loan rehabilitation agreement letter? ?P蒡� X�䬢⢂B�$$椲�|0�������,)x3�� �m�B����ܢ”��Y���3�ߨ�m_�}��Eb��'�R��~���M,m��˿��I�跠��BqT��:��:�; ���C��0�����l���P�`1,�Oa�� ���.���p�(4�)8 g�{�7�'x�C�H���Q7�z�X�����&�L��rQ����24��E�"T�������}���h7�G�at�CWP3z�~A/1����X;��Eb�b��Tl���as�j�� After that, there’s a preamble of sorts that gives a general overview of the agreement. You will need to come to a payment plan agreement with Coast Professional regarding how much you will pay in exchange for deletion. Payment Address: U.S. Department of Education National Payment Center EPM Financial Income Statement (FIS) pdf. m�]�h�=�N��љt]D@Ϥ+�t5���@羅����ҿ28#1aL&�Όcr����_�Zf3���g�0����e����e2ϘVciVdu�=۝��Ʋ��6��N`s�"���d?a����Fv��=�eO�����W�f�>��}�!��ɜ�u�qQ\,�%r#�tn"���q�\7�[�Us�qk�:n��k�Npg��� ���{����]~ ?�O���A>�/����| ����7�_�{����$���������?�[A�: h�b```g``~����P�� Ā B,@Q��W�X�=``x【��,py���0O�#� ��"9:�ʁ@���y7�6b�H,� SC. With Perkins loans, you have 9 months to make your 9 monthly payments. The late payments, however, will remain in your credit history. The 9 out of 10 rule basically allows you to miss your You should sign the student loan rehabilitation agreement letter if you want to get out of default. endstream endobj 15 0 obj <>stream It’s effectively a take it or leave it contract. It will typically state that you’re agreeing to rehabilitate your defaulted federal student loans (Federal Family Education Loans, Perkins, or Direct Loans). You can renew eligibility for new loans and grants and eliminate the loan default by “rehabilitating” a defaulted loan. I'm a student loan lawyer that helps people like you with their federal and private student loans wherever they live. With FFEL and Direct Loans, you have 10 months to make your 9 monthly payments.

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