If you have a student loan that is in default, you could be in serious trouble. Defaulting on a student loan could affect your credit score for many years, and could result in money being taken from your paycheck until the loan is repaid. If you have a default loan, you will usually not be able to consolidate student loan. These are circumstances however, such as economic hardship and medical reasons that may allow you to consolidate the loan so that you can make the monthly payments.

Before defaulting on a student loan, you should look into your options such as consolidating student loans, asking for deferment, or continuing your education. If you enlist in the military, you will get a deferment. This means that you will not have to pay back your loans until you are able to leave the military.

 Other types of deferment will postpone payment of your student loans until you find full-time employment or when you leave school. Consolidate student loans for the lowest interest rate and monthly payment so that you do not have to default or defer a loan. If you are ill or have financial hardship, try to get a deferment instead of allowing the loan to default. Most lenders would rather give deferments than defaults.