As a result of the economic downturn, many students have been unable to continue payments on their student loans. Defaulting on a loan puts a serious boundary up for a graduate to fully enter the world of success. The credit agencies record the defaulted status and release the information to interested financial institutions. The graduates cannot secure home loans and get higher credit card penalties. However, the issue is not the defaulted loans, but how might a student "rehabilitate" the loan?
I find myself eternally grateful I have not borrowed towards my graduation. In the current economic downturn, I am sure every bank refuses to give students leeway in repaying their loans. The current climate in Georgia almost assures the strictness of loan repayments. I am amazed a student, after paying to "rehabilitate" his/her loan, remains in default. I would be going crazy with the credit score burden. Even if Arizona got involved, how can they track down every loan?
http://www.msnbc.msn.com/id/29595467/
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