Rehabilitation
Loan Rehabilitation Requirements
Loan Rehabilitation Allows Borrowers to:
Your monthly payment amount and due date must be approved by MGSLP. You must make on time monthly payments, and cannot pay ahead or remit double payments. A lump sum payment equal to the amount of nine monthly payments cannot be used to accelerate the rehabilitation process. You must have a balance of at least $1000.00 on your loan at the time your loan rehabilitation completes.
To enter rehabilitation; please contact MGSLP at 1-800-322-3086 or send us an email. (Link to email) Once your payment amount and due date have been approved, we will send you a rehabilitation agreement form and payment coupons. (In order for your rehabilitation to complete, you must sign and return the rehabilitation agreement form. If you make all of your payments, but do not return the signed agreement your account will remain in default. MGSLP will continue to require monthly payments until you return the signed agreement to us.)
Once you have made all of the required payments and returned a signed agreement form, your student loans will be repurchased by a lender. This removes your loan from default. You will continue to make monthly payments to your lender. Our rehabilitation lender is The Student Assistance Foundation (SAF). If you have already rehabilitated your student loans and need to make a payment to SAF you can telephone them at 1-800-852-2761 or send a payment to:
Once your rehabilitation is completed, MGSLP will turn in an update to all major consumer reporting agencies requesting that our reporting be deleted from your credit report. Please allow 45-60 days for your credit report to be updated. If you would like to contact a consumer reporting agency please click here for the list of agencies that we report information to and ways to contact them.
Please note that you cannot rehabilitate a loan on which a judgment has been obtained, or a loan on which you have been convicted, or plead nolo contendere, or guilty to a crime involving fraud in obtaining federal funds.
Loan Rehabilitation Allows Borrowers to:
- Resolve your student loan(s) default.
- Improve your credit score.
- Regain eligibility for any deferments or forbearances that you did not apply to your loan prior to default.
Your monthly payment amount and due date must be approved by MGSLP. You must make on time monthly payments, and cannot pay ahead or remit double payments. A lump sum payment equal to the amount of nine monthly payments cannot be used to accelerate the rehabilitation process. You must have a balance of at least $1000.00 on your loan at the time your loan rehabilitation completes.
To enter rehabilitation; please contact MGSLP at 1-800-322-3086 or send us an email. (Link to email) Once your payment amount and due date have been approved, we will send you a rehabilitation agreement form and payment coupons. (In order for your rehabilitation to complete, you must sign and return the rehabilitation agreement form. If you make all of your payments, but do not return the signed agreement your account will remain in default. MGSLP will continue to require monthly payments until you return the signed agreement to us.)
Once you have made all of the required payments and returned a signed agreement form, your student loans will be repurchased by a lender. This removes your loan from default. You will continue to make monthly payments to your lender. Our rehabilitation lender is The Student Assistance Foundation (SAF). If you have already rehabilitated your student loans and need to make a payment to SAF you can telephone them at 1-800-852-2761 or send a payment to:
The Student Assistance Foundation
PO BOX 1689
Helena MT 59624
If you have previously rehabilitated your account, and need to discuss your options for preventing your loans from re-defaulting, please contact our Default Prevention Unit at 1-877-293-8946 or email us.PO BOX 1689
Helena MT 59624
Once your rehabilitation is completed, MGSLP will turn in an update to all major consumer reporting agencies requesting that our reporting be deleted from your credit report. Please allow 45-60 days for your credit report to be updated. If you would like to contact a consumer reporting agency please click here for the list of agencies that we report information to and ways to contact them.
Please note that you cannot rehabilitate a loan on which a judgment has been obtained, or a loan on which you have been convicted, or plead nolo contendere, or guilty to a crime involving fraud in obtaining federal funds.
