What Happens If You Don't Pay Off Your Student Loans?
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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Learn More:
3
Reasons to Never
Default on Your
Federal Student Loan
http://www.forbes.com/sites/moneywisewomen/
2012/08/29/3-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
https://studentaid.ed.gov/repay-loans/default
"If you don't make your loan payments, you risk going into default."
What Happens
If I Ignore
My Student Loans?
http://www.foxbusiness.com/personal-finance/2014/06/10/what-happens-if-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
https://studentaid.ed.gov/sites/default/files/your-federal-student-loans
.pdf
"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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