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8 Consequences of default on student loans

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8 ways in which default on student loan debt can make life miserable

Are you thinking of not paying your federal student loan because you cannot pay the monthly payments? Maybe the debt is so big that you don't see how you can pay it. If so, you are not the only borrower struggling to pay the government. According to the U.S. Department of Education. In the US, almost 11% of federal student loan borrowers were in default in 2018.

If you spend more than 270 days without making a payment, your Federal Direct student loan will be in default, and the Federal Perkins Loan loan holder can declare the loan in default if you do not pay on a scheduled due date. However, even when it does not meet the requirements, it is still on the hook of that debt.

Click or slide to learn how non-compliance with student loans can only prolong your agony.

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