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This is an excerpt from "Credit is a Four Letter Word", which is copyrighted by the author. All rights are reserved. The entire book is available here. Although you can read the entire book by using the navigation at the bottom of this page, you might find it more convenient to have it available to print out, or read as a standard PDF. We've made it very affordable in that format, or you can continue reading (for free) here. I hope you enjoy it.
| 8. Inquire about credit company policy for defaulted student loans. Some companies offer renewals on defaulted loans. This would clear you of the defaulted loan. However interest may increase and additional fees may be charged. 9. Once you get your defaulted loans cleared and refinanced, make sure that you pay promptly. Another default on your loan may be next to impossible to rectify next time. 10. A defaulted loan may be deemed unenforceable when the school has closed prior to the completion of your education if you provide proof of fraud on the part of the school when you had your loan. It is never easy to overcome a defaulted student loan. Patience and persistence are virtues that are demanded from you. Try and look a year or two from now and decide where you want to be. ------------------------------------------------------------------------------------------------------ |
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