Your federal student loan debt is a liability that you take on to help finance your college education. It should not be taken lightly. When you fail to make your payments, your loan will be considered to be in “default.” If this appears as an adverse mark on your credit history, it is taken seriously by other lenders as well as potential employers. The federal government offers several options for students to help avoid this option including different repayment plans, loan deferment, and loan forbearance. You are also given 270 days to catch up and avoid having your account turned over to a collections agency. Before you let this destroy your credit history, talk to your student loan servicing company to see if there are options available to you.
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|Jennifer Mathes, Ph.D.|