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They can add fees and charges that run up the balance, or turn your account over to a debt collector and ruin your credit.They can place a lien on your property or that of your cosigner.Federal student loans carry high rates and cannot be defaulted on, even in bankruptcy.But federal student loans do offer some payback alternatives, including deferral and forbearance.Note: If you can't remember all of your loans, go to the National Student Loan Data System (NSLDS) at gov to find a record of all your Federal and private student loans. There's no sense in stretching out your payments over 20 years. That same Finaid loan calculator will also show you how to make payments more affordable through income-based reduction. However, consolidating your federal loans could simplify the repayment process.Monthly payments may seem more affordable, but they will cost you a fortune in interest over the loan run. The interest rate on a federal consolidation loan is based on the weighted average of the interest rates on the borrower's loans, rounded up to the nearest 1/8th of a point. --Investigate private student loan consolidation and refinancing.
We are being told now that under no uncertain terms she will ever be able to be released from the loan.And it's almost impossible to erase the loan through bankruptcy.If you have a student loan coming due, what should you do now? Loan repayments must start six to nine months after graduation. Edvisors.com) or create your own list, including the name of the lender, the account number, the amount outstanding, rates and payment due dates. Beware of consolidating them into a private loan and losing those options.Lis Dear Lis, In fairness to your bankruptcy attorney at the time the issue of student loan discharge ability is a rapidly growing subject.More awareness is still necessary as many people still buy in to the belief bankruptcy can't do anything for student loans. There is a specific subset of private student loans that can be almost instantly discharged in bankruptcy.