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.
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