Defaulted Student Loan - Why it Absolutely Destroys Your Credit Rating!

Are you a student that is not sure what to do about your student loans once you graduate? Maybe you are already dealing with your loans, but cannot make this next payment. This will make it a defaulted student loan and that is horrible for your credit. Here are the things you can do to avoid this from happening.

The reason this kills your credit is because of how easy it is to make sure you do not have to worry about your loans hurting your credit. When you go to the status of a defaulted student loan you are saying that not only can you not make the payment, but you are unwilling to answer your phone and talk to a representative about your options.

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You can use what is called a deferment for up to 2 years to pause your loans. Sure they will still collect interest and you will still owe as much as you do now, but they will not hurt your credit while they are in deferment. This keeps your payments current and it is just like pausing your loans. This works well, but you only get a total of 2 years of deferment.

You can also use what is called a forbearance to avoid a defaulted student loan. This is a period of 6 months at a time with no limit that the loans will still collect interest. This is not as good as a deferment for your credit, but it still help protect you from the worst case scenario. Forbearance is normally used for periods of unemployment or financial hardship.

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