How do defaulted student loans affect my credit?
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Video answer: How do defaulted student loans affect my credit?
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Defaulted private student loans and most defaulted federal student loans stay on your credit report for seven years from the date of the late payment… If you default on a Federal Perkins Loan, the blemish will stay on your credit report until you've repaid the loan in full.
- The entire unpaid balance of your loan and any interest you owe becomes immediately due (this is called "acceleration").
- You can no longer receive deferment or forbearance,and you lose eligibility for other benefits,such as the ability to choose a repayment plan.
- You lose eligibility for additional federal student aid.
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Frank Answers your toughest financial aid questions in 60 seconds or less.Defaulting on your student loans will negatively impact your credit score for years...
A negative credit score will affect your ability to do the following: Rent an apartment or buy a house; Buy or lease a car; Get a cell phone plan; Sign up for …
Defaulted personal student loans and most defaulted federal student loans keep in your credit report for seven years from the date of the late cost. Federal
Video answer: Should you rehabilitate or consolidate defaulted student…
