Don’t default on student loan debt!
Comments(4) Everyone I know is paying off student loans. I’m fortunate enough to be making my payments with no problem but I did struggle with them in the past (when I was significantly more broke). But with the economy as foul as it is, more and more people are getting behind on their loans and even going into default. And those that do, according to this story in the NY Times, are finding out just how much of a hassle dealing with their lender can be.
“More borrowers may begin to discover the harrowing consequences of reneging on student loans in the current economy. Numbers of borrowers behind on payments and in outright default are rising for some types of loans, and the tight job market makes it harder for graduates to find jobs that let them pay off debts. At the same time, investors are pressuring lenders to raise revenue by minimizing losses. Investors also expect more revenue from those lenders that operate collection agencies.” –NY Times
At the end of the day that all means more phone calls from collectors and a more stressful life for people who fall behind, so do your best not to.
One interesting thing about the NY Times story, though: they feature a 38 year-old activist who is fighting the student loan companies over their tactics. The problem: he’s behind in his own student loan payments, yet quit his job because he didn’t get the raise he wanted, and also spends time and I’m assuming money on tango and salsa lessons. How’s that work?
Great post! Loan companies try to be flexible with you with payment programs, but at the end of the day, they want their cash. I made the decision NOT to go to grad school because I have loans. The guy in the article needs to do a little better.
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