subject: Defaulted Student Loan- The Story Inside [print this page] It doesnt matter if you are a defaulter; you always have the option to get out of a defaulted status. On acquiring defaulted loan help, you may entirely be given a host of options to resolve an issue such as this. Today, there are millions who seek student loans to finance academic costs for an advanced degree. What they dont realize is the fact that failure to repay the amount for 9 months consecutively may land borrowers in trouble.
Huge numbers of negative consequences are followed soon after you are declared a defaulter on student loan; have a look at them:
You will not be allowed to avail loans in forthcoming days even if you are terribly in need of it.
Your credit scores goes down massively as a result of which your credit history is ruined.
In case of being a defaulter of federal student loan, your Federal benefits are seized.
The government may even seize your tax refunds.
Wage garnishment is also possible if the lender thinks it rudely.
Extra interest rates and fees are added to the principal amount.
Defaulted loans are pain for borrowers. However, being a defaulter you always have the access to avail defaulted student loan help. Some of the possible ways through which you may get rid of the shame are discussed here:
Loan consolidation
Loan rehabilitation
Renewing eligibility
You may feel the need to acquire loans even if you are a defaulter. Questions pertaining to whether you will be allowed a loan in forthcoming days cross your mind over and again. You will be allowed to borrow money from the lender only if you are done with your defaulted status. It is important you solve your issue first and then apply for further loans.
Additionally as a consumer you have the rights to avail an administrative review of your defaulted status if you are wrongly stamped as a defaulter. Defaulted loans are what people fear the most, because of the off-putting results that crop up soon after miss outs on payments occur.
Loan consolidation- a better way of getting rid of defaulted status
Loan consolidation is helpful in eliminating a defaulted status. The process entails you to combining multiple loan amounts and repaying a single monthly payment that along with a single interest rate. Once you avail the option of loan consolidation you will be out of a defaulted status.
Wipe out tensions of defaulted loans by obtaining the best option.
