Keep in mind this hit on credit can impact your eligibility for loans, increase your mortgage rates, and even impact your future employment opportunities.
Should you fail to pay on your defaulted loans, you may have your tax refund applied to your student loan payment.
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This will be used to pay debt collections fees, interest, and then principal of your debt.
For more information on how this works, check out our post on wage garnishment.
Along with a lowered credit score you’ll also face the higher interest rates that often accompany a lower score.
With many young graduates carrying anywhere from hundreds to hundreds of thousands in student loan debt, students are currently facing a mountain of a financial challenge.
On top of already high numbers, student loan debt is a sticky kind of debt…
as in it stays with the borrower or cosigner no matter what.
But what about when you simply can’t make payments on your loan?
Beyond a late payment fee, continuing to let your student loan bills stack up will eventually lead to larger repercussions. Borrowers can default on a loan for any number of reasons.
Some borrowers default because they’re financially unable to make payments.