Loan Default refers to a failure in repayment of a loan, in accordance with the terms agreed upon as per the promissory note. Lending institutions might take legal action in order to get their money back.
Defaulting in case of a student loan may have a wide range of negative consequences. As it is, several similar terms are there which are often mistaken for loan default. Now, loan deferment refers to a postponement in terms of the repayment on the loan. There are several reasons as to why
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