Of consolidating student loans
Once the loan has been paid off in full by consolidation the defaulted student loan is no longer in default and is paid off.
Now that we have discussed some of the benefits to why you should consolidate your student loans, now we can talk a little bit about some of the aspects of student loan consolidation that important to know before making your decision to consolidate your student loans.
Depending on what type of student loan you have, your interest rate can be over 8% for just one loan.
Next we are going to go over some of the benefits that student loan consolidation can provide to a student loan borrower.
And, provide more discussion on “why is consolidating student loans good.”Student loan consolidation can offer alternative repayment options.
Also, some servicers will allow you to have a lower interest by you opting into a auto payment plan. Student loan default can be a real serious matter if not addressed, Default happens when a borrower has when over 270 days without making a payment.
Student loan default can lead to terrible penalties like, tax offsets, wage garnishments and bad credit.