Consolidating deliquent student loans

01-Jul-2016 23:17 by 5 Comments

Consolidating deliquent student loans - Hookup with grandma

When students sign student loan paperwork, they agree to repay the amount they’re given within a specific period of time.

Sometimes, defaulted private student loan consolidation can help get these students back on track.While student loan defaults were once relatively rare, a difficult economy and a tight job market can keep some students from getting good jobs after graduation, making default a little more likely.According to the Department of Education, the federal student loan default rate in 2013 was as high as the rate once seen in 1995, and there’s no end in sight.The number of students who default on their private loans might be yet higher, especially since these loans tend to be more expensive.Students and graduates who default are often handed over to collection agencies that have no qualms about using aggressive techniques to get the money they want.They’ll call endlessly, send letters and even garnish wages, just to ensure that the debt is paid.

All of these tactics can make life stressful for a student.

In addition, going through the default process could ruin a student’s chances of obtaining a good job in the future, as an article produced by CBS suggests that half of employers check applicants’ credit scores before offering them employment.

If a student is in default, that student might have such low credit scores that good jobs just seem to disappear.

Assessing Your Situation Pursuing Loan Rehabilitation Applying for Loan Consolidation Community Q&A Your federal student loans will officially move from delinquent status to “default” status if you do not make your monthly payments for 270 days.

If you default on your student loans, your credit rating will fall, making it difficult for you to rent an apartment, get a car loan, or sign up for a cell phone plan.

In addition, if you plan to go back to school, you will not be able to access further federal financial aid until you have gotten your loans out of default.

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