7.5m borrowers who defaulted on college loans are entitled for a second shot.
By The Exchange Team
The United States Department of Education is allowing federal student loan borrowers who have fallen behind on their payments to catch up.
7.5 million student loan borrowers in default can return to repayment without a past-due sum.
Borrowers in default can improve their credit and avoid government collection action.
Scott Buchanan, executive director of the Student Loan Servicing Alliance, says it's unclear when debtors can start again.
Buchanan said borrowers will receive information and the Education Department's website will be updated.
Eligibility is determined by the type of loans you have and the time at which the loans defaulted.
Defaulted Private student loans and Perkins loans owned by a school will not be included in the relief.