Paying off Your Student Loan in the Right Manner and at the Right Time
You must be crazy when you are going abroad, waiting at the airport and receive an unexpected call. Someone is yelling at you over the phone complaining that you have defaulted on your past student loan. The person who called you is none other than your money lender from whom you took your educational loan during your graduation. What will you do now? Start banging your head? Defaulted student loan is a common problem that is thriving among people and if you default on your educational loan it doesn’t mean that the world has come to an end. There are various repayment options of a student loan default.
Don’t ever ignore a student loan
You should be very careful regarding payment of your student loans. It must be mentioned here that the delinquency period is nine successive months or 270 days. You should make sure that you pay off the loan within this period. At first when you default on your student loan the collection agency let you know over phone. After taking a loan the students get a time of nine months to pay off the money to the money lender. If you default you can negotiate with the debt collectors regarding defaulting student loans. Never let a delinquent student loan become a defaulted student loan.
Negative consequences of defaulting student loans
The first thing that happens when you default on your student loan is that the debt collectors start calling you over phone repeatedly and keep threatening you. They might abuse you also. In that case you should complain to the US Department of Education. The collection agency keeps calling you irrespective of time, whether it is at day time or at the middle of the night. If you are a job holder and holds a good position, you might lose it as a result of defaulting student loans. You also cannot use your credit cards any further or cannot own any property. In one word, you earn a negative credit score.
Defaulting student loans can be tackled with great care. At first you need to ascertain the status of the student loan and go for the right loan rehabilitation program. Talk to the collection agency and request them to defer your payment date. On request they also reduce your monthly installment. You can also consolidate a multiple number of student loans and make a single payment. Defaulted student loan if handled carefully can make your life tension free.
Michelsmith - About Author:
Michel Smith has faced a lot of problem while buying loan. He has good knowledge on defaulting student loans. For more information on defaulted student loan he recommends to visit http://www.mydefaultedloans.com.
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