Most loans have consequences when you default like reporting negatively to the credit bureaus, garnishment of wages to repay the loan, ineligibility to get another student loan if needed; many late fees, and even a lawsuit to collect on the loan.
Yes.
Yes.
Default The Student Loan Documentary - 2011 was released on: USA: 21 October 2011
It depends on the loan, most student loans do not go into default for six months after you graduate, or drop below certain course hours. Some loans can be deferred for 6-9 months, or until you graduate.
No, they will not.
In the US, a Federally Guaranteed student loan is considered default after 270 days on non-payment. If you need help with your delinquent or defaulted student loans, click on the link below.
I am assuming at this point you are in default on your student loans? I suggest you call your student loan servicer and try to get your loan in a forebearence due to economic hardship. Another option is to call the William D. Ford Company and see if they can assist you in consolidating your loans, which would take them out of default and then defer payments until you are able to pay on them.
Actually, the default will stay on your credit indefinately until you get out of default. Student loan default on Federally Guaranteed student loans has no statute of limitation. If you consolidate your defaulted student loans, they will show up as Paid In Full on your credit report. You can get help with the consolidation of your student loans through www.defaultms.com Any default is going to stick around for about 7 years.
The loan will be a default loan
YES!
A Federal student loan is considered in Default at 270 days of nonpayment.
The easiest way for an individual to get out of student loan default is to pay off the remaining balance of the debt in full. This would also be the quickest way to rectify the issue.