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From now on, they’ll take a chunk of your paycheck to pay back your outstanding student loan balance.Suddenly, your employer is right smack dab in the middle of a default debacle, forced to be the messenger in a situation that isn’t fun for anybody.Having your loans in default can have an adverse effect on your credit score, making it difficult to get approved for an apartment or a new credit card.When your loans are in default, the entire balance of your loan, plus any interest, is due immediately.Once you sign in to Student using your personal identifiers and Federal Student Aid PIN, you will be able to electronically complete the Federal Direct Consolidation Loan Application and Promissory Note. The electronic application on Student consists of the following five steps: 1. If you are struggling to afford your payments, an income-driven repayment (IDR) plan may make your payments more manageable.With an IDR plan, the government extends your repayment term and caps your monthly payment at a percentage of your discretionary income.

Maximum Loan Length: 10-30 years Frequency of Payments: Varies Prepayment penalties: None Fees: None You apply for a Direct Consolidation Loan through Student

If you’re worried about wage garnishment, follow these steps to prevent defaulting on your student loans: If you have multiple student loans, remembering the different minimum payments and due dates can be confusing.

Setting up automatic payments or reminders can help you keep track of your payments, minimizing the risk that you’ll miss one.

Defaulting on your student loans for any reason can have serious consequences, including wage garnishment.

Find out how the wage garnishment process works if you fall behind on your payments.

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