One of the terms you agree to when you accept a student loan is that you will be required to start repaying your loan either when your status as a full-time student changes, or at some specified point following your graduation. If you reach either of those milestones and do not make your required loan repayments, you will have defaulted on your student loans. And having defaulted student loans on your credit history can negatively affect your financial future for years, so you should avoid defaulting if at all possible.
The inclusion of defaulted student loans on your credit history will be a red flag for all future lenders to whom you apply for loans, be they automobile loans, home mortgages, or credit cards. Your defaulted student loans are a sign that you are not serious about your financial obligations, and you may not realize that having a poor credit rating can result in your not qualifying for certain jobs. You can even be turned down for some types of insurance, or by some landlords, if your credit rating is poor.
As unfair as it may seem, your credit score has a direct and significant effect on your quality of life. Having […]

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