Defaulting on education loan? Here are the ways to prevent it

Here are some of the measures to help you prevent a default on the loan Along with medical costs, the education cost in India has been on the rise over the years, both for secondary education and higher education. People generally take a loan to finance it. However, maintaining a loan is not always easy. For instance, similar to other types of loans, defaulting on an education loan ruins your credit score. The credit score effect is not only limited to the student, but even the parent or guarantor, who…

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Fewer Students Are Defaulting On Loans After Leaving College

WASHINGTON—The share of borrowers defaulting on student loans within three years of leaving college has fallen modestly, though the number remains exceptionally high despite low unemployment. Just over 11% of the 5.2 million students who left school in the fiscal year through September 2013 have since defaulted on their federal student loans, the Education Department said in an annual report Wednesday that is closely tracked by college administrators. Borrowers are considered in default once they have gone 360 days without making a payment after having left school, whether because they graduated…

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