I have a perkins loan that i was consolidating through direct loan, I was sent info about rehabing the loan. I needed my transcript sent to a employer and was told by my school that it is on hold until I show a zero balance. If I rehab the loan, would my school still send the transcript now or would I have to wait for a year. By the way, the loan is in default.

The school does not release transcipts until loans are paid in full when defaulted Perkins are involved. This is pretty standard at most schools. Most major universities have this policy. Historically, the used to release transcipts with pastdue tuition balances and defaulted loans...however student abuse caused them to clamp down. Your transcipt is their security interest.