A very high percentage both in Canada and the U.S. I live in Canada (don't think the U.S. is much different when it comes to student loans) and the loan is difficult to pay off. Presently, our government is going to make it easier for students to loan money. Most parents can't afford to pay all the expenses that a student requires, and, if a government is smart, they will come to realize that students can't work 1 - 3 part-time jobs to pay for college (books and tuition is becoming more expensive every year) study, and be expected to retain good health. It's stupid!
I know several young people in my town and they would rather work 2 - 3 jobs than take out a student loan.
If the student is a very good student, then I feel the government should kick in SOME financial help free of charge to get that student the best education possible. Sounds like I'm from Russia, but that's how they do it. In Russia the student could be from a wealthy family, but the student could be as bright as a bag of nails, but another student from an average to poor family could be highly intelligent and the government will pay for their education. Makes sense to me. I did go to University for a short time and found that there were a lot of "bench warmers" sitting there killing time. I knew students that were like this and either they eventually quit or their parents paid their way through. My opinion only, but, dead wood should be kicked out and those that are serious get good education without having a debt for the rest of their lives.
If you can get away without a student loan try. Only use it as a last resort. Check into it and see what it will cost you in the long run.
It's a shame to see the waste of a beautiful mind!
In the U.S. the percentage of defaulted student loans is much lower than most people believe. Defaulted loans reached their highest peak in 1990 at 22.4% when the government allowed loans to be used at almost any institution that even vaguely resembled a form of educational purpose. The percentage of defaulted federal student loans in 2003 through 2005 averaged 4.9%.
Be careful making that decision. Defaulted student loans stay on your credit indefinitely. You will have trouble ever getting a house or car loan with defaulted student loans. There is no statute of limitations on collections of defaulted student loans. Collectors can garnish your wages, keep your tax return, and garnish social security later in life. You can not discharge student loans in bankruptcy either. Be careful!
In the US, yes you are eligible for additional student loans if you rehabilitate, bring current, or consolidate your defaulted federal loans. If you need help with the consolidation of your defaulted loans, click the link below.
In the US, only if you rehabilitate or consolidate the defaulted loans. To rehabilitate, you need to make 9-12 ontime payments to your current lender. If you need help with the consolidation of your defaulted student loans, I recommend www.defaultms.com
Yes, if you paid off a Defaulted student loan and don't have any other defaulted student loans, then you are eligible to get new Federally Guaranteed student loans.
In the US, the government can garnish up to 15% of your wages for defaulted federally guaranteed student loans. You can get out of default by rehabilitating your loans in 12 months, or by consolidating your loans. If you need help with the consolidation of defaulted student loans, click on the link below.
No they check on that.
In the US,it is certainly possible to consolidate your delinquent or defaulted student loans. Most lenders will not accept them, but a few will. If you need assistance with the consolidation of your loans, click on the link at the bottom of this text box.
Most likely no. A defaulted Federal student loan is as bad as an IRS lien.If you need help with your defaulted student loans, contact Default Management Services. You can get their phone # from Google. Ask for Doug
In the US, the answer is no, unless you rehabilitate the defaulted loans for 12 months or unless you consolidate the loans. A person with defaulted federal loans is not eligible for additional federal assistance until the default status is rectified. Once the loans are rehabilitated or consolidated, you will then be eligible to go back to school and receive additional loans or grants. If you need help consolidating your federal student loans, click on the link below this text box.
In the US, if the student loan is Federally Guaranteed then the answer is no. The Dept of Ed. and it's collection agencies will not negotiate or settle a debt. If the student loans are private, then the answer is yes. If you need help with your defaulted student loans, the company listed at the bottom of this text box can help you.
I am a Federal Student loan expert and I have never heard of a private pension being garnished for defaulted student loans, so I would say no. If you need help getting out of default on your student loans, click on my profile, StudentLoaner, below.
In the US, it is 15%. You should consolidate your defaulted student loans and stop the wage garnishment. You can get an income-based repayment plan and pay as little as $0 a month, defending on your income and dependants. If you want help with the consolidation of your defaulted student loans, click on the link below.
Yes, if you are not taking additional loans out you can go back to school. If you do want to take additional loans out, you need to consolidate the defaulted loans first. You can get help with the consolidation at www.defaultms.com
They can, and will, take the entirety of your tax return for any outstanding federal debt including student loans and prior year taxes. There is no legal requirement that they return anything to you owe other branches.
Your rights are extremely limited. If you have a specific question, please repost. The previous person who said that cannot collect after 3 years was completely incorrect; federal student loans have no statute of limitations whatsoever, and ED is still collecting on loans from the 1960s. Collectors of defaulted federal student loans will not negotiate, collectors of private student loans will negotiate.
In the US, you can only get a new student loan if you rehabilitate or consolidate the defaulted loans. To rehabilitate, you need to make 9-12 on time payments to your current lender. If you need help with the consolidation of your defaulted student loans, click on the link below
If they are Federally Guaranteed student loans, then yes they can. If they are private student loans, then no they can't. You can consolidate the defaulted loans and skip the garnishment. This company can help you: www.defaultms.com
You are not eligible for new Federal aid if your current Federal student loans are in default. You are eligible to get financial aid if you get your loans out of default. If you need help getting out of default click on my profile, StudentLoaner, below.
You should consolidate your defaulted student loans and stop the wage garnishment. You can get an income-based repayment plan and pay as little as $0 a month, defending on your income and dependants. If you want help with the consolidation of your defaulted student loans, click on the link below
No, you cannot. If you join the military they may help pay off your student loans, but your loans must be in good standing and not in default in order to enlist in the military and qualify for such benefits.
In the US, only if you rehabilitate or consolidate the defaulted loans. To rehabilitate, you need to make 9-12 ontime payments to your current lender. If you need help with the consolidation of your defaulted student loans, click on the link below
No, the government will garnish wages, keep tax returns, and harass you, but they will not seize property for defaulted student loans. The best thing you can do with a defaulted student loan is consolidation. With consolidation, you can get an income sensitive repayment. In other words, you can get a payment that your budget can afford. The payment can be as low as $0 a month, depending on your income and dependants. You can get assistance with consolidation of defaulted loans at www.defaultms.com
Yes, the collection agency can garnish up to 15% of your SSI for repayment of defaulted student loans. If you feel it is an economic hardship, you can contest the garnishment at the Ohmbudsman's office at the Dept. of Ed.
In the US, you can consolidate your defaulted loans and be eligible for new loans in the fall. Click on the link at the bottom of this text box for help with consolidation.
Defaulted federal student loans can stay on your credit much longer then 7 years (the regulations are complicated). Non-defaulted student loan tradelines age off 7 years after they're paid in full, and lates age off 7 years from when the delinquency started.