Is your name in the list of Student loan defaulters?
Your credit history might be closed to being ruined and your wages may already be garnished by your creditors!!

It proves extremely costly to default on a student loan and proves an ideal situation for creditors to garnish your wages. The last that you would like is – CREDIT BUREAUS REPORTING THAT YOU HAVE DEFAULTED ON A STUDENT LOAN.
To put it simply, the creditors will take money directly out of your paycheck and in probability you will NEVER see that money again.
The 6 deadly reasons why you don’t want to default on a student loan:

  • YOUR HARD EARNED WAGES WILL BE GARNISHED: In simple words, creditors can take 15% out of your paycheck even before you receive it. This simply translates to receiving only $850 if your actual monthly wages is $1000. That’s a lot of money if you are already paying a mountain towards your other bills.
  • CREDITORS WILL PILE AN OBSTINATE AMOUNT OF INTEREST CHARGES on the loan amount.
  • EVERY PENNY OF ANY TAX REFUND CAN BE TAKEN OUT without your knowledge or permission until every dime of the loan amount has been collected by the government.
  • You can forget about ANY GOVERNMENT SANCTIONED BENEFITS LIKE SOCIAL SECURITY AND DISABILITY BENEFITS.
  • GOVERNMENT OR ANY PRIVATE LENDER CAN SUE YOU ANY TIME to collect the defaulted loan. There is neither any statute of limitation nor any time frame for collection.
  • THE MOST SERIOUS CONSEQUENCE IS THAT YOUR CREDIT WILL BE DESTROYED!!! So any future loan will cost you even thousands more as compared to any regular person with a normal credit history.

THE REAL TRUTH ABOUT YOUR CREDIT HISTORY AND A DEFAULTED STUDENT LOAN
Apart from the dreaded ‘default’ word appearing on each one of your credit reports, the collection calls will continue unabated from different collection agencies – with each one of them capable of making a negative remark on your credit report if you fail to pay.

The troublesome part is that a single defaulted student loan is equivalent to 4 or more bad credit items which appear on your credit report and is available to every future lender or employer.