|
|
STUDENT LOAN REPAYMENT DEFAULT
When are you in default on your student loan repayment?
If you don’t make your payments on time, and you miss more than 270 days in your loan repayment, you will go into default on your student loan. The student loan is similar to others loans like car loan, mortgage loan, etcetera.
Consequences of not repaying your student loan
- A part of your salary may be confiscated until you repay your loan in full.
- Default report to all national bureaus.
- Procurement expenses and attorney honoraries will be charged to you.
- Addition of late fees and collections cost to the total cost of your loan (principal amount plus interest).
- You might become not eligible for renewal of your professional licence.
- If you’re entitled to tax devolution, it may be retained, and so may other state or federal payments to you.
- You may lose any federal benefit.
- You may lose every other kind of federal student aid.
How to postpone your Loan Repayment
Students.net Homepage Back to Student Loan
|
|