What happens if I default on my student loans?
An example of an AI chatbot conversation about the consequences of defaulting on student loans.
What happens if I default on my student loans?
Defaulting on student loans can lead to serious consequences, including damage to your credit score and wage garnishment.
How long does it take for a loan to go into default?
Typically, federal student loans go into default after 270 days of non-payment, while private loans may vary.
Can I get my loans out of default?
Yes, you can rehabilitate your loans or consolidate them to get out of default. It's important to act quickly.
What are the long-term effects of defaulting?
Long-term effects include difficulty obtaining credit, higher interest rates, and potential legal action.
Are there any programs to help with defaulted loans?
Yes, there are programs like loan rehabilitation and income-driven repayment plans that can help.
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