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Preventing Loan Default
Because the financial consequences for default are severe, you should do all you can to avoid it. Being in default or delinquency with your student loans may prevent you from financing a car or a home and may impact future employment offers. There is no reason for you to go into default on your student loan but you have to be pro-active. Your debt won’t go away. You must contact your creditors if you anticipate that you may be late with a payment or unable to pay at the present time.
The consequences of student loan default are serious and extensive — here's what you need to know.
You may prevent going to default if you are wise in choosing your repayment option. You should choose a repayment plan that is best for your financial situation. You lender will assist you in making a choice.
One way to avoid default is to apply for student loan deferment or forbearance. This helps to postpone your loan payments until you can afford to do so once again.
For more information, visit the FinAid web site.