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Student Loan Default Explained

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Explains in case in the default of payment for student loans.

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									Student Loan
Default
Explained
PayMyStudentLoans.com
                           PayMyStudentLoans.com




What is a Student Loan Default
       when borrower has missed a set
 Occurs
 number of payments
    Federal - 9 months of missed paymens
    Private – can occur after JUST one payment
                          PayMyStudentLoans.com




Is Bankruptcy a Solution?
 Once  in default Bankruptcy is unlikely to
 be a solution as student loan debt is not
 forgiven
                                   PayMyStudentLoans.com


How Do You Get Out of
Default?
   Work with your lender to…
       Explain your situation (financial hardship)
       Adjust your loan terms if possible
         Refinance
         Consolidate
         Forgiveness
       Agree on new terms
           Typically – higher monthly payments until
            defaulted amount is recouped by the lender

								
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