Educational expenses, from tuition to books to housing, are continuously on the rise, while the government continually cuts funding. Combine that with the current state of the job market and the economic uncertainty hovering over the nation, and it’s no wonder graduates are finding themselves in turmoil. Competition for jobs is fierce and many previously hopeful graduates are finding themselves less hopeful because they are unable to capitalize on their education. This leaves them highly susceptible to defaulting on their loan, racking up credit card debt, and finding themselves in a dire financial situation that could greatly impact their credit score and compromise opportunities in the future. With the help of Vivix Credit Solutions, anyone facing this type of uncertainty can glean every bit of information they need to help remedy it.

Student loans have different rules and regulations than other loans so it’s imperative that you are well aware of what laws pertain to your particular loan type. Like every type of debt, student loans must be treated with diligence and every effort must be made to settle the debt efficiently and effectively without damage to your credit if possible, and if not, with as little damage as possible. Vivix Credit Solutions can offer some valuable insight on how to limit bad debt repercussions like those faced by people who default on their student loans.

Your student loan will go in to default if you fail to make payments as agreed to in the loan contract. Depending on the loan type, it can happen after one missed payment or after a certain number of days of missed payments. If you don’t make any special arrangements with your lender then you are at risk of defaulting. The Vivix Credit Solutions network of professionals can review your individual circumstances and help establish the optimal plan, which is important to help avoid the negative consequences that may result otherwise.

When you default on your loan it will not just magically disappear. In fact, as time goes on the consequences can become worse and cause more damage. Some of the consequences you may face include:

Garnished wages

Income tax refunds being withheld

Bad credit rating

Collection costs added to the original loan

Denial of future federal aid

 

This list is not all-inclusive but it does give some perspective to how serious the situation can be. Vivix Credit Solutions meets with people everyday who are grappling with these specific issues and is able to give them hope.

How can you avoid these consequences? The obvious answer is don’t default – make your student loan payments a priority, budget for them, and make arrangements with your lender if necessary. But if you do find yourself with a defaulted student loan, there are answers. There are rehabilitation programs available, loan consolidation options, and in some cases bankruptcy may even be an option.

Don’t let bad student loan debt wreak havoc on your life and your financial well-being. Let the professionals at Vivix Credit Solutions help you sort it all out. Visit http://www.vivixcreditsolutions.com/freeconsultation.html today and get your free special report: “The TRUTH About Legal Credit Repair & Your Credit Report” and a free consultation with a credit repair expert.