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If you don’t make your student loan payment or make your payment late, your loan may eventually go into default.
If you default on your student loan, that status will be reported to credit bureaus, and your credit rating and future borrowing ability will be damaged.
This takes any indecision out of the equation and makes it harder for you to change your mind, too.If you choose to cancel, the money you received will have to be returned, but no interest or fees will be charged.Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life.We sometimes earn a sales commission or advertising fee when recommending various products and services to you.Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns.