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If your loans are held by the U.S Department of Education, you can take advantage of Fresh Start in one of the following ways. Phone —Call the Default Resolution Group at (800) 621-3115. Online —Visit myeddebt.ed.gov and follow the steps below. Mail — Write to P.O. Box 5609, Greenville, TX 75403.
Jun 5, 2023 · This initiative, called “Fresh Start,” will increase the long-term repayment success of borrowers with defaulted federal student loans, provide substantial benefits to borrowers over the coming months, and last for a period of one year from the end of the payment pause, as described below.
Fresh Start is a one-time, temporary program from the U.S. Department of Education (ED) that offers special benefits for borrowers with defaulted federal student loans. Fresh Start automatically gives you some benefits, such as restoring access to federal student aid grants and post-release loans).
Aug 15, 2023 · By taking part in Fresh Start, you’ll gain access to an income-driven repayment plan and reestablish eligibility for loan forgiveness programs. If you’re in default, this program offers a clear path to regaining control, and it’s one that every affected borrower should consider.
- What Is The Fresh Start Program?
- Who Is Eligible For Fresh Start?
- How to Apply For Fresh Start
The Fresh Start program, which was announced in April 2022, is designed to help borrowers pull their federal student loans out of collections. Here’s how the program can help you: 1. Get your loans back in good standing.Loans will be moved out of default, even if you’ve already used your one-time loan rehabilitation option. 2. Stop debt collections...
The Fresh Start program has no income criteria and you don’t have to pay a fee or send money to enroll in the program. You simply have to be in default—meaning you were at least 270 days behind—on one or more of the following loan types, prior to the Covid-19 payment pause (March 13, 2020): 1. William D. Ford Federal Direct Loan Program loans, incl...
The application process is still somewhat unclear, but the Department of Education says it will conduct extensive, proactive outreach to let eligible borrowers know when they can enroll in Fresh Start. You can expect to be contacted via email or regular mail. In the meantime, here are some tasks you can act on now.
As a Fresh Start-eligible borrower, I understand that, by accepting Title IV Higher Education Act (HE-A) federal student aid during the Fresh Start period, I am agreeing to have my defaulted loans transferred to a new loan servicer — the company that will manage my loan— which will result in continued eligibility for Title IV HEA federal student...
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Oct 4, 2023 · For those borrowers who are in default, a U.S. Department of Education (DOE) program called Fresh Start could be a big help. AARP Foundation partnered with Savi to enable users to determine if they qualify for a federal program that can lower or eliminate monthly payments based on income.
