Student debt has now surpassed 1 trillion dollars in the US. The high cost of education coupled with a rocky job market means that most students need to defer payments after graduation. How bad is defaulting on student loans? What happens when you just can’t pay them?
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3 Reasons to Never Default on Your Federal Student Loan
“You went to college for four years and got your degree. If you’re like most Americans, you had to do it with a little help from Uncle Sam in the form of federal student loans.”
Don’t ignore your student loan payments or you’ll risk going into default
“If you don’t make your loan payments, you risk going into default.”
What Happens If I Ignore My Student Loans?
“By some estimates, nearly one in three student loan borrowers in repayment are behind on their payments. Some of those borrowers may be paying as much as they can, when they can, but others may feel their debt is hopeless and are taking the ostrich approach instead.”
Your Federal Student Loans: Learn the Basics and Manage Your Debt
“If you don’t make payments for more than 270 days (except for Perkins Loans), your loan will go into default and your credit rating could suffer. If your credit rating is affected negatively, you may be denied future education or consumer loans, and you may not be able, for example, to obtain a mortgage, rent an apartment, buy a car, or secure employment.”
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