defaulted student loan

A defaulted student loan is one that has not been paid according to its terms. In lending, this concept of nonpayment is defined as default - a failure to fulfill obligations to a lender. When students has reached this stage, they are violation of their agreement with the lender/government and with the law, placing themselves in a position where legal action can be taken. If a student has defaulted, the lender can take any of several actions that are applicable to a defaulted student loan - tax refund offset, wage garnishment, removal of federal benefit, and even a lawsuit. Especially with federal loans, students who have defaulted should attempt to resolve their issues in time enough to prevent these actions from being taken beforehand. In cases that only require a small adjustment, negotiation may be a quick and feasible resolution for both you and the lender. Federal programs can also direct students to refinancing, loan consolidation, and repayment programs that may be of help

Fast Facts

34% of graduates from the 2007-2008 undergraduate year lefts school without any debt

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Student Loan Consolidation

Student loan repayment is a serious worry and burden for a recent graduate, especially in times of high unempl...
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Graduate Plus Loan

In an effort to encourage taxpayers to obtain Master’s, doctorate and other advanced degrees, the U.S. governm...
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Loans for Students

The cost for college is huge and growing all the time and a government scholarship, school scholarship, or hel...
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Financing A Home

Homeownership has always been an essential piece of every American dream. Even today amidst an overall reserv...
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How Mortgage Interest Tax Deductions Work

Buying a home is a great way to reduce your income tax. The mortgage interest you pay and your real estate tax...
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