Is it Possible to Escape the Harsh Outcomes of a Defaulted student Loan?

Do you know the consequences once your credit score falls drastically and your credit card facilities are all seized? Once these happen, you might lose your professional image and might even face legal actions. Well, a student loan defaulter is bound to meet all these unpleasant consequences if he fails to make his repayments within the delinquency period. Every loan borrower is provided a maximum time limit of 270 days exceeding which his loan status gets defaulted. Once done, the defaulter will start facing such unpleasant consequences that can bring stains on his work record. If you are the student loan defaulter, your loan lender will immediately transfer your case to the collection agency. Once it’s done, the following actions might be taken against you: Personal accounts will all be...

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In trouble with Student Loan? Seek Solutions with your Lender

In the face of today’s economy, more and more students are finding themselves caught within the nexus of student debt. What tends to worsen the situation is the fact that the students need to come up with a proper repayment plan to avoid falling into the trap of defaulted student loans. If you have a loan, you must pay it off to live a peaceful life, as failure to pay off the loans in time can land you to face dire consequences. A student loan in default can anytime turn your life unpleasant affecting your financial health the most. To avoid being into such situations, you must consider taking immediate actions to bringing your credit status to normalcy. Well, if you have been wondering about the steps that you might take to fight the odds of defaulting on your student loan; here is a look...

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Easy access to student loans without credit history and co-signer

Is your dream of pursuing a professional course being destroyed because of unavailability of loan? Absence of co-signer and credit history must be stopping you from applying for loan. Well, you can get a loan even at this condition; the only thing is that your options will get minimized.The tips mentioned below will help you to get easy access to loans:Search for federal student loans as most of them do not require a credit check. Do remember to fill up the free application for Federal Student Aid (FAFSA). FAFSA will help you in receiving loans as it is an integral part of securing government loans. One can also apply for Stafford loans which are specially designed for needy students. It is perfect for those who don’t have a co-signer, credit history and at the same time belong...

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Be Proactive and Secure a Good Loan Repayment Plan

Student loans are necessary when one is planning for a higher degree. Not only do they provide the student wit the peace of mind that they do not have to earn their tuition while they are studying and can focus their attention completely on their studies. Once they graduate and get a job they will be able to pay off the loans. However, the times are changing and the graduates are not as confident of getting a good job as they used to be. The job market is at its all time lowest and a number of graduates are extremely under-employed. Therefore, their loans are remaining unpaid and are becoming defaulted. The consequences that include a lowered credit score and wage garnishment among a number of others have a lasting impression on the finances of the defaulters. The best way out of a defaulted...

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Repay Loans on Time to Avoid the Consequences

The present student loan situation has often been compared to the housing loan bubble that took place some years back. A number of house owners who defaulted on their home loans had to hand over their house keys to the lenders. In the case of the student loan defaulters however there is no such chance. But they will have to face a number of other consequences that are equally bad. Given below are some of them. Wage Garnishment The lenders can get the permission to garnish about 15% of the defaulter’s wage in order to repay the loan. This will be quite a burden for those who have a low wage job and a number of responsibilities. Low Credit Score A defaulted loan means a low credit score and less chances of financial assistance in future. But in the case of a defaulted student loan the effect...

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