student loan default explained
DESCRIPTION
http://www.youtube.com/watch?v=sYkUOJYvN0g This explains about the default in payment of student loan and ways on how to get out in default of payment of student loan.TRANSCRIPT
Student Loan
Default
Explained
PayMyStudentLoans.com
What is a Student Loan Default
Occurs when borrower has missed a set
number of payments
Federal - 9 months of missed paymens
Private – can occur after JUST one payment
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Is Bankruptcy a Solution?
Once in default Bankruptcy is unlikely to
be a solution as student loan debt is not
forgiven
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How Do You Get Out of
Default? Work with your lender to… Explain your situation (financial hardship)
Adjust your loan terms if possible Refinance
Consolidate
Forgiveness
Agree on new terms Typically – higher monthly payments until
defaulted amount is recouped by the lender
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