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...
==========
71% of people who graduated from college in 2012 have student loan debt. Full disclosure,I have quite a lot. Like, so much. The average graduate borrowed around $29,000. The totalnumber of student loans owed in the US today has surpassed 1 trillion dollars with numbersrising every year. It’s reasonable to expect that some if not many of those borrowers willhave to default on their debt at some point. So, what will that look like? How bad is defaultingon your student loans?It’s pretty bad. Most students use federal loans to pay for their education, and theFederal Government has many ways to get back its money. The Treasury Offset Program allowsthe US Department of the Treasury to take your tax refund and give it directly to theDepartment of Education to pay down your...
==========
71% of people who graduated from college in 2012 have student loan debt. Full disclosure,I have quite a lot. Like, so much. The average graduate borrowed around $29,000. The totalnumber of student loans owed in the US today has surpassed 1 trillion dollars with numbersrising every year. It’s reasonable to expect that some if not many of those borrowers willhave to default on their debt at some point. So, what will that look like? How bad is defaultingon your student loans?It’s pretty bad. Most students use federal loans to pay for their education, and theFederal Government has many ways to get back its money. The Treasury Offset Program allowsthe US Department of the Treasury to take your tax refund and give it directly to theDepartment of Education to pay down your...
