What are the best options for repaying defaulted education loans and without negatively impacting your credit history?
Dealing with defaulted student loans can be tough. The first step is to contact your loan servicer immediately. Explain your situation and explore options like income-driven repayment plans or deferment. These options can help you make smaller payments or temporarily pause payments while you get back on your feet.
@gaurav.adventurer It’s crucial to make consistent payments, even if they’re small. This demonstrates your commitment to repayment and can help improve your credit score over time.
Thanks but will it surely help me build a strong credit score?
@AniketDesai you can consider setting up automatic payments to avoid missing deadlines. Also, building a strong credit history in other areas, like paying bills on time and maintaining low credit card balances, can help offset the negative impact of the defaulted loans