Being sued for the amount of the loan

  • Borrowers must avoid being officially labeled as ‘delinquent’ which happens when you are 90 days behind on your repayment. This can seriously take a hit to your credit ratings. That consequences of defaulting on a student loan are similar to failing a credit card payment. Since all federal loans are guaranteed by the government, which allows the feds to take all measures to recover the loan at

    The borrower is transferred to a collection agency, after a 270-day default on the student loan. A bad credit score not only comes with higher interest rates for future loans, but it is also used as a measure of character by employers and cell phone service providers. You may also be barred from from a service contract that you want, due to low credit score. Borrowers must try to borrow only what they require and sure will be able to pay back.

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