Someone defaults on a loan when they fail to pay it back (or pay back a regular instalment). Normally this would either be because they can't afford the payment, or they forgot to make the payment.
loss of income
If you are in default on federal student loans you are not eligible for financial aid until you get them out of default.
If your loans are Federally Guaranteed Student Loans, like Stafford or Perkins loans, then yes there is help. This company specializes in helping people that are in default: www.defaultms.com
According to Business Week Magazine, the default rate is 4%. Kiva, a non-profit micro loan organization reports a 2% default rate. Micro loans generally have a lower default rate than conventional SBA loans.
yes if they default it will hurt your credit yes if they default it will hurt your credit
yes if they default it will hurt your credit yes if they default it will hurt your credit
If your loans are in a Deferment, then they were never in a Default status, they may have been delinquent. You are not eligible for Deferment while loans are Default. So to answer your question, yes you are eligible to take out additional loans if you are in a Deferment.
Actually, the default will stay on your credit indefinately until you get out of default. Student loan default on Federally Guaranteed student loans has no statute of limitation. If you consolidate your defaulted student loans, they will show up as Paid In Full on your credit report. You can get help with the consolidation of your student loans through www.defaultms.com Any default is going to stick around for about 7 years.
Arkansas defaulted in 1933.
Yes, you can take out additional loans as long as you are not in Default on the current loans.
Student loans can show up as "baddies" on your credit report if they are paid late or in default. These loans are reported similar to revolving loans or lines of credit.
Not if he did not cosign on the loans.
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