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Defaulted Perkins Loan options?
Loan info:
Loan Type: Federal Perkins
Loan Date: March 2005
Balance: $639
Interest Rate: 5.0%
Servicer: College that I attended at the time.

It is only showing in one credit report(Equifax)

Credit Report entry
Type of Loan: Education Loan
Comments: Collection Account
Date Opened: 03/31/2006
Date Reported 06/30/2014
Date of Last Payment: 05/2012

I currently have the money to pay if off in full but would that be the best course of action? I read that with Perkins loans I have to contact the institution directly, is this correct?

According to Federal Loan repayment page it's not eligible for repayment plans such as Standard, Extended, Pay as you Ear, IBR, or ICR.


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