http://www.youtube.com/watch?v=sYkUOJYvN0g
This explains about the default in payment of student loan and ways on how to get out in default of payment of student loan.
2. PayMyStudentLoans.com
What is a Student Loan Default
Occurs
when borrower has missed a set
number of payments
Federal - 9 months of missed paymens
Private – can occur after JUST one payment
4. PayMyStudentLoans.com
How Do You Get Out of
Default?
Work with your lender to…
Explain your situation (financial hardship)
Adjust your loan terms if possible
Refinance
Consolidate
Forgiveness
Agree on new terms
Typically – higher monthly payments until
defaulted amount is recouped by the lender