Student loan default - avoid ruining your future Posted On : Nov-10-2011 | seen (46) times | Article Word Count : 404 |
A defaulted student loan can ruin your career as well future life by making it difficult for you to get any kinds of loan in future and hence avoid it anyhow. For most people all over the world Wholesale Jerseys Free Shipping , still today, education is a distant dream. For the very fortunate few who go through primary school and high school Wholesale Jerseys From China , it becomes really difficult to continue with graduation and post graduation. Most have the responsibility of their family and hence have to leave education to get a job and a few who although do not have such commitments, cannot carry on with their further education due to lack of finances. For such people Wholesale Jerseys China , student loans are blessings that are there to help them fulfill their dreams of a successful career.
But this dream of a successful career with the help of student loans can turn into a nightmare if you are unable to repay the loan after the stipulated time period is over. There is probably nothing worse than a student loan default since this is possibly the very first loan you have taken in your life and having a defaulted student loan to your name will make it your last loan as well. Your credit record will have the mark of this student loan default and as your life as well as your career has just begun, it can spoil your entire future by making it difficult Wholesale Jerseys , verging on impossible, for you to get any further loan in your life ever. Hence you can understand for yourself how important it is to avoid being defaulter of student loan.
The biggest reason for increasing defaulted student loan each year is unemployment. But as the reason will not stop your credit record from having the student loan default Wholesale Football Jerseys Free Shipping , instead of brooding about it, you should try to avoid defaulting somehow. The best thing is to be honest. If you have taken a federal loan Wholesale Football Jerseys China , on talking to your loan officer, you might be granted some grace time over your stipulated time period. But if you have taken a private loan Wholesale NFL Football Jerseys , avoiding a student loan default can be a little more difficult than that. Try talking it out with your creditor and if all else fails, go for deferment and forbearance or loan postponement or if you have other loans too Wholesale Football Jerseys , loan consolidation. Make sure you have the clause of default as well as the time that will be given to you before you are to be declared defaulter by the creditor clear before entering in to any kinds of contract. Just avoid defaulted student loan anyhow.
The following eight tips will help make sure that recover from a layoff sooner than you think.
#1 - DON'T PANIC: You may have lost your job but you have not lost everything. You are a skilled individual and will work again. Do not ever lose sight of these two simple sentences. Do not let yourself fall into a spiral of negative thinking. Think back to all the other people that you know of that have lost jobs in the past and are now successfully employed.
#2 - REFLECT AND RECOVER: Step back and clear your head. Anger and fear are two of the most common emotions experienced after a job-loss. Neither is conducive to clear thinking or good decision-making. Take some time to talk through your feelings of loss with friends and family members. If this does not help, consider the services of a professional counselor. Sort through your emotional baggage or else risk dragging it with you on your job-search.
#3 - ORGANIZE YOUR FINANCES: Take a serious look at your spending habits. List out your monthly expenses into 2 groups- absolutely necessary and optional. If you have already been laid off you should limit your spending to the first category. If you are still employed but fearing what the future may hold Wholesale Nike NFL Jerseys , start cutting back in the second category. A general rule of thumb is to keep the enough cash to cover at least two months worth of expenses in the bank for emergencies. If you have not had a chance to do so as of the time of termination, you still have options. Don't forget that most companies offer a severance package to laid off employees. In addition you can also contact your local un-employment agency regarding unemployment benefits.
#4 - INSURANCE: Just because you have lost your job does not mean that you and your family have immediately lost all insurance coverage that you had while you were employed. It just means that now you are responsible for paying for it all by yourself. Under COBRA (Consolidated Omnibus Budget Reconciliation Act) generally you can remain on your former employer's plan for up to 18 months as long as you pay the premiums. Remember that there are time limits for signing up for COBRA. You can get more COBRA information from the human resources department of your former employer.
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