Student Loans : News, Updates and Blog Posts

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Defaulted Student Loan Consequences (2 of 2) | 05.12.09

Posted in Financial Aid, Student Loans by Kristin Morris

For those students who’ve defaulted on their federal students loans the price can be steep. Below are some additional consequences which may arise if your loans fall into default.

Potential Defaulted Loan Consequences

You’ll lose your student loan deferment options
You won’t be eligible for additional federal student aid
Your credit rating will be damaged for several years because defaulted loans are reported to national credit bureaus
You’ll have difficulty qualifying for credit cards, a car loan, a mortgage, or renting an apartment (credit checks are required to rent an apartment)
You may have a portion of your wages garnished (withheld)

Defaulted Student Loan Consequences (1 of 2)


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