Consolidating a defaulted student loan

Posted by / 17-Apr-2020 16:07

Consolidating a defaulted student loan

You also won’t be able to get additional federal education aid.So if you want to go back to school and your loans are in default, you’ll have to pay your own way unless you get those loans back to good standing.

Some other things you should know: If you default on a federal student loan, you’ll lose access to the benefits that came with it, including eligibility for deferment, forbearance and the variety of repayment plans the government offers.If you’ve defaulted on your student loan, that means you’ve failed to repay your loans as agreed.That could involve several things: You’ve gone too long without making a payment, you’ve violated terms and conditions of the loan or you fraudulently obtained a student loan.As soon as you think you might have trouble making student loan payments, contact your student loan servicer about your options for making those payments more affordable.And remember, student loan repayment has a significant impact on your credit standing — and various aspects of your Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser.

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default on their student loans and though the average repayment time varies by amount owed, it’s safe to say it’s probably going to take at least 10 years and might take as long as 30 years.

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