You may want to consider rehabilitating your defaulted loan(s). Advantages of rehabilitation include:
Your loan(s) will no longer be considered to be in a default status.
The default status reported by your loan holder to the national credit bureaus will be deleted.
You will be eligible for the same benefits that were available on [...]
If you’re a teacher serving in a low-income or subject-matter shortage area, it might be possible for you to cancel or defer your student loans.
Canceling a Perkins Loan
If you have a loan from the Federal Perkins Loan Program, you might be eligible for loan cancellation for full-time teaching at a low-income school or teaching in [...]
What is the interest rate?
The interest rate for loans disbursed between July 1, 1998, and June 30, 2006, will continue to be adjusted each year on July 1, though for Stafford loans it will never be higher than 8.25%. However, Stafford loans disbursed on or after July 1, 2006, have a fixed interest rate of [...]
