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An interest rate is the payment charged on price borrowed or financed and is basically expressed on a per year framework. Interest rates can be either variable, meaning that the amount of interest charged fluctuate due to the market, or fixed, meaning that the sheer numbers of interest charged will never change. There are three forms of interest rates: prime appeal rate, nominal interest rate rate, and lower rate.
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Whenever your student loan assumes default, your card is turned onto collection agencies along with other collection procedures start out out. In addition, the government has the potential to garnish your social security benefits, your wages, and other.
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