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Defaulting on loans have pretty severe consequences. For example, your wages could be garnished or your income tax refunds taken from you. In regard to your credit score, the defaulted loans can show up on your history for up to 7 years. To learn more about the consequences, go to http://www.finaid.org/loans/default.phtml.
What else can I help you with?
Can the government seize my inheritance to pay off student loans?
In some cases, the government can seize your inheritance to pay off student loans if you default on your payments. This typically happens if the loans are federal student loans and you are in default. It's important to stay current on your loan payments to avoid this situation.
How can a single mother with default loans get financial aid?
If you are in default on federal student loans you are not eligible for financial aid until you get them out of default.
Can you get a student loan default off credit?
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.
One spouse is in default on a student loan can the other spouse obtain student loans?
You should be able to as they are individual loans.
I owe about 7000 in student loans which I am paying on can I go back to school and get more student loans?
Yes, you can take out additional loans as long as you are not in Default on the current loans.
Can I still get help if my loans are in default?
If your loans are Federally Guaranteed Student Loans, like Stafford or Perkins loans, then yes there is help. This company specializes in helping people that are in default: www.defaultms.com
Is student loans badiies?
Student loans can show up as "baddies" on your credit report if they are paid late or in default. These loans are reported similar to revolving loans or lines of credit.
Can you still get federal student loans if you have defaulted on other student loans that are now deferred?
If your loans are in a Deferment, then they were never in a Default status, they may have been delinquent. You are not eligible for Deferment while loans are Default. So to answer your question, yes you are eligible to take out additional loans if you are in a Deferment.
Can you apply for student loans if you have defaulted on your previous student loans?
If you are living in the US, then the answer is no if the loans are in default. You will not be eligible for another Federal student loan until the loans are rehabilitated for 12 months or consolidated. If you need help with consolidation of your defaulted loans, please click on the link at the bottom of this text box. In some other countries, student loans can be awarded as long as you fill the requirements (i.e. are a student at an approved institution and have a minimum of courses). You can simply keep adding to the loans and pay them off later when you finish studying, or while paying them off.
Does co-signing effect the ability to get your own loans or student loans in the future?
yes if they default it will hurt your credit yes if they default it will hurt your credit
Does co signing effect the ability to get your own loans or student loans in the future?
yes if they default it will hurt your credit yes if they default it will hurt your credit
Can private student loans be consolidated with federal student loans?
Sometimes private student loans can be consolidated depending on certain factors including the rules of your lender, whether you are in deferrment or default and your credit score. You cannot however, consolidate federal student loans and private student loans together.
