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Stafford Loans
The Help You Need for Defaulted Federal Student Loans.
Our defaulted student loan process helps you find options for consolidation or rehabilitation of your student loan and get yourself back on the right track. Regardless of where you are in the defaulted student loan process, whether you are severely delinquent, have defaulted on the student loan, or are having your wages garnished, we can help you through the process and advise you on several options including payment plans and even putting your student loan payments on hold.
Contact Us Today and Get Out of Default !
What Are the Consequences of Defaulting on Your Federal Student Loan?
Defaulting on a loan is a serious matter that deserves your attention. Putting off dealing with a defaulted student loan or thinking bankruptcy will wipe your debt clear is a mistake. In fact, Federal Student Loans are guaranteed by the government, which means that they cannot be forgiven through bankruptcy.
There are serious consequences for defaulting on your loan. And we are not just talking about the high pressure, constant phone calls at home and work from collection agencies.
Your Wages Can Be Garnished
The government does not need to go to court to enact a garnishment of wages and, in fact, it is relatively easy for them to do.
Garnishment is sometimes more than your actual monthly payment you defaulted on.
Money you need for rent, food and other necessities is not taken into account; however federal law limits the amount that may be garnished to 15% of the borrower's take-home pay.
Resolving a student loan once garnishment starts is extremely difficult.
You Can Lose Your Income Tax Refund
The government can and will seize your income tax refund before you even receive it.
You Can Lose Your Driver's License
Some states have enacted laws that revoke your driver's license or refuse to let you renew it if you have a defaulted student loan.
You Will Start Incurring massive Penalties and Charges
Defaulted student loans are subject to a 25% default fee immediately upon default.
Collection agencies can tack on their own collection charges which can dramatically increase your overall balance.
Your Credit Rating Is Severely Damaged
Today, companies run credit checks for everything from buying a new TV to applying for a job (and everything in between).
Defaulted student loans severe affect your credit rating.
Your credit rating stays low until the defaulted student loan is resolved.
Low credit rating means you have to pay more for everything from cell phones to automobile loans (providing the company gives you a loan to begin with).
You Could be Subject to a Federal Government Lawsuit
The Federal Government can sue you to collect defaulted student loans, and unlike other debts, there is no time limit on suing to collect student loans -- you can be sued indefinitely.
Significantly Limits Getting Future Student Loans (for you or your children)
A defaulted student loan virtually eliminates your chances to get another student loan
Any future generations in your family, your bad credit rating will also affect any loans you are asked to co-sign.
Let us Help You Avoid These Problems.
We don't tell you these consequences as a means of scaring you. We feel you should be aware of the entire process.
However, the good news is that we can help. We can advise you on the best way to deal with your loans, get them paid off and put you back on the path of financial responsibility. And in many cases, we can help you avoid all the consequences described above.
For immediate Help with your Defaulted Student Loans Call us Today at Toll Free 1-800-515-7876.
Stafford Loans
The Help You Need for Defaulted Federal Student Loans.
Our defaulted student loan process helps you find options for consolidation or rehabilitation of your student loan and get yourself back on the right track. Regardless of where you are in the defaulted student loan process, whether you are severely delinquent, have defaulted on the student loan, or are having your wages garnished, we can help you through the process and advise you on several options including payment plans and even putting your student loan payments on hold.
Contact Us Today and Get Out of Default !
What Are the Consequences of Defaulting on Your Federal Student Loan?
Defaulting on a loan is a serious matter that deserves your attention. Putting off dealing with a defaulted student loan or thinking bankruptcy will wipe your debt clear is a mistake. In fact, Federal Student Loans are guaranteed by the government, which means that they cannot be forgiven through bankruptcy.
There are serious consequences for defaulting on your loan. And we are not just talking about the high pressure, constant phone calls at home and work from collection agencies.
Your Wages Can Be Garnished
The government does not need to go to court to enact a garnishment of wages and, in fact, it is relatively easy for them to do.
Garnishment is sometimes more than your actual monthly payment you defaulted on.
Money you need for rent, food and other necessities is not taken into account; however federal law limits the amount that may be garnished to 15% of the borrower's take-home pay.
Resolving a student loan once garnishment starts is extremely difficult.
You Can Lose Your Income Tax Refund
The government can and will seize your income tax refund before you even receive it.
You Can Lose Your Driver's License
Some states have enacted laws that revoke your driver's license or refuse to let you renew it if you have a defaulted student loan.
You Will Start Incurring massive Penalties and Charges
Defaulted student loans are subject to a 25% default fee immediately upon default.
Collection agencies can tack on their own collection charges which can dramatically increase your overall balance.
Your Credit Rating Is Severely Damaged
Today, companies run credit checks for everything from buying a new TV to applying for a job (and everything in between).
Defaulted student loans severe affect your credit rating.
Your credit rating stays low until the defaulted student loan is resolved.
Low credit rating means you have to pay more for everything from cell phones to automobile loans (providing the company gives you a loan to begin with).
You Could be Subject to a Federal Government Lawsuit
The Federal Government can sue you to collect defaulted student loans, and unlike other debts, there is no time limit on suing to collect student loans -- you can be sued indefinitely.
Significantly Limits Getting Future Student Loans (for you or your children)
A defaulted student loan virtually eliminates your chances to get another student loan
Any future generations in your family, your bad credit rating will also affect any loans you are asked to co-sign.
Let us Help You Avoid These Problems.
We don't tell you these consequences as a means of scaring you. We feel you should be aware of the entire process.
However, the good news is that we can help. We can advise you on the best way to deal with your loans, get them paid off and put you back on the path of financial responsibility. And in many cases, we can help you avoid all the consequences described above.
For immediate Help with your Defaulted Student Loans Call us Today at Toll Free 1-800-515-7876.