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Borrowers can apply for a Direct Consolidation Loan through the U. The interest rate is rounded up to the nearest one-eighth of one percent.
Both options have the potential to help you pay your student loans off quicker and pay less interest along the way, but there’s a lot of confusion around how they work, how they differ, and whether they’re right for you.
We have since been trying to rebuild our credit and have done pretty decent so far.
The only thing neither of us touched the first year was our student loans which was probably a mistake.
If you’re financially drowning, of course you can declare bankruptcy.
The problem is that bankruptcy is a serious derogatory mark on your credit.
At that point, the delinquency stops affecting your credit. Your credit suffers tremendously in the meantime, and since you’re still legally obligated to pay the debt, a debt collector can pursue you until the statute of limitations runs out in the state where you live.