Outstanding education debt in the U.S. has tripled over the last decade and now exceeds $1.5 trillion, with more than 1 million people defaulting on their student loans each year.
The government also has extraordinary collection powers with federal loans, since they're one of the only debts unable to be discharged in bankruptcy.
To make matters worse, defaulting on your education debt also increases the balance, likely due to collection fees and the accumulation of interest. After default, the Urban Institute found, a student loan borrower will see their balance balloon by around 10 percent."At best, it delays participation in the American Dream," he said. "At worst, they are shut out permanently.
If your loans are officially in default, call your loan servicer and ask them how you can return to good standing. Borrowers are typically presented with three solutions: loan rehabilitation, loan consolidation or paying off the loan in full.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Strictly Come Dancing release flamboyant trailer for brand new series – but where's new dancer Nancy Xu?Strictly Come Dancing have finally released the brand new trailer for the seventeenth series – but new pro dancer Nancy Xu is nowhere to be seen
Leer más »
Here's a list of American products targeted by China's new tariffsHere are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.
Leer más »
Your New Favorite Frozen SnackIt's easy, it looks good, and it tastes great. It just might become the snack of the summer.
Leer más »
Leah McSweeney Joins 'Real Housewives of New York City'A source tells ET that McSweeney has already filmed a scene with Tinsley Mortimer.
Leer más »
Hit the Carnival With LA's Cheridomingo in New 'Makeup' Video: WatchFour-piece indie rock band Cheridomingo of Los Angeles has released a video for their new single 'Makeup,' out Friday across streaming services.
Leer más »