Bank offering savings and checking products, non-recourse loans for self-directed retirement plans, specialized loans for commercial and residential properties, and student loans for education. If you are taking loans to meet your expenses for education, you must comply with all the terms and conditions laid by your loan provider. If you fail to repay your loan within the delinquency period provided by your loan lender, you are bound to get categorized as a defaulter. The consequences of a defaulted student loan are extremely harsh. The more you get entangled, the tougher it will be to come out. Therefore, you should start hunting for the right initiative from the very day you are informed about your defaulted status.
The very first step is to contact your loan lender. Call him immediately and fix a date so that you can sit for a discussion with him. For obvious reasons, you will be asked to state valid reasons for your incapability to repay your loan in time. Make sure you state correct reasons and convince him or otherwise you might be asked further questions out of suspicion. As a result, you might be denied assistance. Remember, your lender can only arrange you a flexible repayment scheme and this can only help you make the repayment in the shortest possible time period. The sooner you release yourself from the chains of defaulted student loan, the safer you are for the rest of your life.
Sometimes you are compelled to take multiple loans at a time. The problem arises during the time of repayment. You are required to keep in mind all the due dates along with the interest rates of each and every loan you need. Well, you don't need to take pains once you apply for defaulted student loan consolidation. With this option, you will be able to merge all loans and make a single payment. Moreover, the interest rates will be lowered and the time period to make the repayment also stretches.
Defaulters can even join a loan rehabilitation program. Here the applicant having defaulted student loan will have to make a series of nine consecutive payments to the US Department of Education. Once the payments are made successfully, his/her credit score will improve and he will regain all the loan facilities enjoyed by a student.
As far as the debt collection laws are concerned, any member from a debt collection company is not allowed to harass any student to obtain a collection agency student loan. If you are one of them who have faced ill treatments from debt collection agents, you can always forward complains to your respective departments. When it comes to obtaining a collection agency student loan, it should be done with patience.
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