| Do you know when are you considered to have | | | | 5. Credit ratings go for a toss |
| defaulted in student loan? If you fail to make any | | | | 6. You lose out on favorable loan repayment options |
| payment for two hundred and seventy days at a | | | | Some people might look to take shelter under |
| stretch, that's when. That means that you miss the | | | | Chapter 7 or 13 and get rid of all the loans. Well, |
| payment for nine months straight, now that's a real | | | | surprise, surprise - your student loan may not leave |
| long shot right? That is also the reason why you | | | | you after a bankruptcy too. |
| should not default on these loans. | | | | So get your act together and start repaying your |
| The student loans have traditionally been one of the | | | | student loan. Look at various alternatives you have |
| more lenient ones. Presently, the interests on these | | | | to repay the loan. Also go back and look at loan |
| loans are some of the lowest in the market. These | | | | agreement to refresh your memory. You are legally |
| positives have a flip side though - if you default on | | | | bound to make monthly repayments to the creditor |
| the student loan. Given below are some of the | | | | every month. So start planning to repayment loans |
| common issues you may run into: | | | | and stick to your repayment schedules. |
| 1. Credit bureaus will record that in your credit history | | | | Of course this article is not to scare you, just to |
| 2. Salaries may be affected by defaulted student | | | | make you alert and aware. Everyone can end up |
| loans | | | | with some unexpected roadblocks that disturb the |
| 3. Even income tax garnishments can result | | | | financial situation making to difficult to make those |
| 4. Collection agencies will continue to bug and | | | | payments. |
| threaten you more frequently | | | | |