According to the Institute for Higher Education Policy, more than 40%
of borrowers either are delinquent or have defaulted on their student
loans. That number is more than 50% for graduate of for profit schools.
Only 37% of all graduates are current with their payments. There are
ways to avoid getting into trouble.
1) Don't borrow more than you need.
2) Think twice about getting loans from third parties which charge
higher interest rates.
3) Look for outside scholarships
4) Know what you owe.
The National Student Loan Data System (www.nslds.ed.gov) tracks dates
amount, lenders and rates.
REMEMBER
Student loans don't get discharged if you decide to declare bankruptcy.
Your wage can be garnished or your tax refund withheld.
If you loan is turned over to a collection sgency, you'll be liable for
not only the balance and the interest but also court costs and
collection fees.
Your credit score will do down.
