3/10/2023 0 Comments Loan default letter sample![]() If you do not start one of these programs within that 60 days, or start and don’t complete them down the line, collection costs will be added to your loan. Remember, as the loan is in default, you are no longer eligible for income driven or other repayment plans, deferments or other options, but will instead have to work with the current loan holder to determine a payment that is acceptable. From there you will have 60 days to either pay the loan in full, or start on a repayment or loan rehabilitation program or consolidate the loan out of default. Within 30 days of the loan transferring to a collection or guaranty agency, you will be sent a letter notifying you of this transfer and who to contact to resolve the default. It’s important to understand the consequences of federal student loan default and when to expect these consequences to occur. Consequences of Loan Default and When They Happen
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