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The Consumer Financial Protection Bureau has sample letters that you can use when responding to bill collectors.
If collectors are harassing you for your federal or private loans, you can submit a complaint to the CFPB.
The amount you owe will balloon because of late fees, collection costs and accruing interest.
You’ll no longer be eligible for deferment, forbearance, federal repayment plans or additional federal student aid.
Unlike with federal loans, creditors can’t immediately garnish your wages, Social Security checks or tax returns to collect the debt you owe on private student loans.Direct Loan Consolidation Default Direct Loan Consolidation Default The internet is finest place to purchase a long-term unsecured personal lend.Online lenders are out there and they really want to an individual.You’ll also be eligible for more federal student aid, although you should almost certainly avoid taking out more loans.Private student loans go into default one day after you miss a payment — there’s no delinquency period, as there is with federal student loans.