I Can’t Pay My Loan – Student Guidelines for Recovery
photo credit: karpov the wrecked train
You graduated and now your student loan is due. The job hasn’t come through yet, or you are just in over your head. What can you do about that student loan?
Before you enter the default stage, relax and review your options. Realize that you aren’t alone. Unfortunately, since so many former students default on their loans each year, the Department of Education has a well-oiled process of collecting payments from those who default.
If you just stop paying, or never begin making payments when they are due, you can expect the Department of Education to take action to collect your student loan. There are several drawbacks to procrastinating. First, they will add substantial collection fees to your outstanding balance. You owe enough already, but they are going to want extra to track you down and force you to pay. Read more
