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Odds are good that if you create a financial plan today, reduce your debt and begin saving regularly, you may be able to live more comfortably, with less worry and maybe even retire as a millionaire. Set some realistic goals about how you would like to live now and in the future. Begin learning about how to manage your money better, and develop a financial plan that will help you achieve your goals - even if you're living paycheck to paycheck.


Expert Advice on How to Avoid Defaulting on Your Student Loan

People that default on their student loan usually find their credit drop. There are serious implications when you default on your student loan as it can affect your wages and possible tax refunds in addition to a poor credit rating. Defaulting on your student loan is avoidable if you just do a few simple things.

Before you do anything you will regret, make sure that you keep in contact with your lender. Just by informing your lenders immediately you know there's a problem with you debt will almost certainly halt the need to default. I remember when I was finding it increasingly difficult to maintain my monthly debt repayments accumulated at college. One of my colleagues thought it was funny because the lenders couldn't reclaim my education from me.

Defaulted student loans usually start with this type of glib attitude towards the debt. Contacting my lender was the first and most important step in avoiding going default on the debt. After all the worry, getting a deferment was quite simple and painless. The Lending Company showed me the steps that would have to be taken in order to suspend payment until a time when I could start repaying them. Everything was arranged within the week, payments were frozen and I could start living my life again. I knew that some of my other commitments would not be so easily rearranged and this deferment would help me get started again.

I wish all my creditors had been as helpful as the student loan provider. Don't forget though that interest is still adding to your loan whilst the suspension is on and it will cost you more in the long run. Despite the additional cost it is preferable to a defaulted student loan. Often, lenders will accept occasional small lump sum payments. Paying just the interest on your loan is an option that some banks will agree to. It is not uncommon for banks to allow you to make interest payments only if you have financial problems.

So the amount you owe will remain the same during this 'holiday' period but you will avoid a defaulted student loan. You have to remember that many students rely on loans like this to complete their education. New students may not be able to have a loan if the percentage of defaulters is too high. Your loan provider would prefer you communicate with them if the debt is becoming a problem.

Sometimes to help alleviate financial stress, banks will choose to accept an interest only payment on a loan. It could also help perspective college pupils get the funds they need to finance higher education costs.

RefinanceGuru is a publisher of Expert articles on Personal Finance. Free information is now available to the public at http://refinanceguru.blogspot.com We also recommend you try our Mortgage Calculator and/or our Amortization Calculator now available for Free at http://amortization-chart.4u2se.com
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