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Follow on Google News | Student loan default is on the rise in 2014; what you need to know to protect yourselfWe explore the consequences of student loan default and the different steps your lender will take to collect on the defaulted student loan balance.
By: United College Advocates, LLC One of the most common misconception about federal student loans is that the borrower doesn’t think the consequences on defaulting on student a loan is going to be devastating to their life…well they’re wrong. The Department of Education (D.O.E) uses many different methods to collect on a defaulted student loan like placing the borrower’s student loan in collections or as demanding such as wage garnishment and intercepting tax returns. The default process starts after the student loan falls delinquent 270 days, prior to that the student loan is considered past due and derogatory marks will start to appear on credit reports. Once in the student loan default stage the borrower’s student loan will be placed in collections; Believe it or not there is light at the end of the tunnel because there are programs out there that are designed to put the borrower back on track with their defaulted student loans. Depending on where the student loan is on the default process the borrower has some options; “student loan consolidation” or “student loan rehabilitation” of the student loan. If a student loan is still in the past due stage than a student loan consolidation might be all that is needed to bring the loans back to a current status. If the borrower has begun to receive collection attempts or wage garnishment than the student loans will need to be rehabilitated. A rehabilitation program takes between 9-12 months to bring the defaulted student loan back to a current status. Once the defaulted student loan is completely rehabilitated all derogatory mark will be removed from the borrower’s credit reports and all collection attempts will be stopped. If you find yourself with a defaulted student loan the worst thing you can do is nothing about it. UCA has years of experience of dealing with defaulted student loans, student loan wage garnishments, and tax interception due to defaulted student loans. Our team of student aid counselors and underwriters will negotiate the best possible outcome on your defaulted student loans. We will assist you in rehabilitating your loan(s) with the highest degree of integrity, professionalism & intelligence! To learn more information please visit our website @ www.UnitedCollegeAdvocates.com End
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