What happens if I default on my bootcamp loan?
An example of an AI chatbot conversation about bootcamp loan default consequences.
What happens if I default on my bootcamp loan?
Defaulting on a bootcamp loan can lead to serious consequences, including damage to your credit score and potential legal action.
How long does it take for a loan to go into default?
Typically, a loan goes into default after 90 days of missed payments, but this can vary by lender.
Can I negotiate my loan terms if I'm struggling to pay?
Yes, many lenders are willing to negotiate terms or offer deferment options if you're facing financial difficulties.
What are the long-term effects of defaulting on my loan?
Long-term effects include a lower credit score, difficulty obtaining future loans, and potential wage garnishment.
Is there any way to recover from a defaulted loan?
Yes, you can recover by making payments on the loan, negotiating with the lender, or seeking credit counseling.
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