Avoid Defaulting on your Student Loan
Whatever, be your financial situation, you must always avoid being a defaulter. The reason is simple; a defaulted loan severely affects your personal, professional, and financial status in life. It brings upon several consequences that can make you non-eligible for further financial help and other credit acceptance. The federal government holds with it the right of taking action against you following a default.
Therefore, it is advisable that you contact the creditor or the financial institutions during such financially restrictive situations and call for assistance.
Consequences of a Defaulted Student Loan
Here, is a look at the consequences that you might expect from the federal government following a default on your student loan -
- Garnishment of Paychecks
- Sue you at the Court of Law
- Non-eligible for Federal Benefits
- Offset of Tax Refund
Dealing with a defaulted status alongside coping with financial hardships is never easy for an individual. Therefore, it is always wiser to seek consultation immediately to avoid a defaulted loan condition.
- Author Articles
- More From This AuthorStudent loans are becoming more and more common among students opting for higher studies and professional courses, especially in the US. These loans help the students to tide over the difficulty of paying the...
- Related Articles
- Related ArticlesSurrogacy is a process in which the fertilized egg and sperm are transferred from the mother’s body to some other female’s body. This other person is known as a surrogate. It’s not at all easy to be a...Being separated from close relatives can be a difficult scenario but sometimes economic conditions require that individuals leave their home nation to find opportunities elsewhere. And while the emigrants may...Availing the services of a reputed company to refurbish your home/office proves to be stress free and convenient.Home refurbishment is the process of major or minor repair of an item or a particular room in your home. From a simple home, room, office or schoolroom, refurbishment consists of a lot of planning and hard...There are some lucky individuals who have been blessed with considerable wealth. They have vast acres of expensive property. Their bank accounts are flush with funds. They have investments in major...People like to keep their tons of information on their hard drives of a computer or in other portable data storing devices. A phobia is generally found among persons, who like to save their data in virtual...
- Latest Articles
- Latest ArticlesBariatric surgery and alcohol tolerance Bariatric surgery is an increasing trend directly correlated to obesity reaching epidemic levels in the U.S. As around 65% of adults are overweight or obese, weight...Many people would agree that cleaning the home is one of the most important task in the daily routine. Furthermore, a clean home always looks better than an unattended one. For example, if your home is always...Dental Implants are the essential in the patient to replace and reinstate their absent teeth with approximately as close to natural teeth as conceivable. Dental implant procedures demand a great deal of the...This art is proficient on a large scale in the state of Punjab.Mainly a shawl or a headscarf embroidered on a bristly cotton cloth by use of darn stich. It is traditionally made on Khaddar fabric which is hand...Danger assessments are key to any commercial location, as they assist to decrease the peril of an unsafe event happening, cumulative staff and public safety.Health and safety training has always been...