Defaulting on
Student Loans
It cannot be said enough that defaulting on your student loan is
one of the dumbest thing you can do. No matter what you do, you
either have to pay them, or you have to talk to them to see what
they can do for you if you cannot pay. It is not uncommon for
college graduates, especially in this economy, to not be able to
make their monthly payments on their student loans. It used to
be you got out of school, you got a great job, and you paid back
your loans. This is no longer the case, and instead of having
six months to prepare for when those bills started coming in,
you find yourself still out of work and unable to pay.
It can be tempting to stick your head in the sand and ignore
them – but don’t because it will come back to bite you. The
federal government does not fool around when it comes to student
loans. They will garnish your wages, seize your federal income
tax returns, etc. If you are already in default, the first thing
you need to do is call your lender. Let them know that you are
unable to pay the way that it is now and see what they have for
you that will assist you. There are debt consolidation loan that
can help tremendously at a time like this.
Most people are paying on maybe four or five student loans on
the least, and a debt consolidation will put all of those into
one payment that is easier for you to handle. Sometimes if you
are unable to pay they will defer payment for you until you are.
They will get you a payment that you can afford as well. But you
have to talk to them. If you don’t you are going to find
yourself in a whole lot more trouble than you want to be in.
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