Bruce-MesnekoffWhen student loans start to get delinquent because no payments are made for nine months straight and the student loan going on default, many things can happen and these are not good consequences that the borrower will get, according to Bruce Mesnekoff, the nationally recognized expert on student loan management and consolidation. Wage garnishment can happen, and including other benefits like Social Security benefits and even tax refunds will no longer be enjoyed by the borrower. If the student borrower is married and they file their tax returns jointly, offset of the spouse’s tax returns can also happen. These are bad consequences that student borrowers can avoid if they will not let their student loans go to default.

Since student loan on default is the situation, the student borrower should prevent this from happening, and there are solutions to this, per Bruce Mesnekoff. Consolidation of student loans is an example, said the expert on student loan management and consolidation, Bruce Mesnekoff. When this is done, the student borrower will already have the more affordable repayment amount, and lesser possibilities for the consolidated loan to get delinquent. Possible financial difficulties will be avoided because the consolidated loan amount for payment is low and thus affordable. What the student borrower should just do is to coordinate and talk this over with the loan provider and collector, for eligibility purposes and also application of the loan consolidation.

There are possibly several repercussions happening when the student loan gets to default status and should be avoided, according to Bruce Mesnekoff. Since there are steps that can be done, the student borrower should start initiating things. The help of the experts can also be sought because these are the people who know expertly what should be done. The negotiating skills of the borrower should be honed because this is the key to get the loan consolidation approved. Rehabilitation of the student loan can also be a solution, and this will also need the negotiating skills of the student borrower. All these should be thought of because the goal is to prevent the student loan from going to default, of which many possible bad consequences can result.

Aside from wage garnishment and tax refund offset happening, credit standing of the student borrower can also be affected, and these are not good to the overall standing of the borrower. Collection charges and fees can be imposed, and thus increasing the total loan amount, when the student loan is already n default status. These things can be avoided and there are steps that can be done to avoid the loan default, according to Bruce Mesnekoff, the expert on this subject.