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Should you lose in court, the lender will have three main options for getting their money back from you.
Those are: These are serious legal and financial repercussions that will end up causing you a major hassle, a ton of stress, and probably a lot more money than you would have owed from simply paying back your loan.
Missing just a single payment will lead to your private student loan going into default, so it’s incredibly important that you make every single payment throughout the course of your repayment period, on time, and in full.
Whether your best option is to pursue Debt Consolidation, a Student Loan Bankruptcy Discharge or the Borrower’s Defense to Repayment Program, the Helpline will figure it out, then put you on the best path toward real financial relief.
Your first call is free, and you’ll only be charged if you agree to let the Helpline work your case for you, so you’ve got nothing to lose but a few minutes of your time. Unlike Federal student loans, which offer a 9 month delinquency period of failing to make payments before being placed into default status, private student loans default at the moment you miss a single payment.