According to Marketwatch, about 40 million Americans currently have student loan debt of some kind. Coupled with a complex job market, one in four students are either delinquent or in default on their loans.
Personal Finance publication Kiplinger says that the most important thing to do is to contact the loan servicer immediately. After 90 days federal loans are reported to the credit bureaus, and after 270 days the loan typically goes into default which will cause the borrower to lose federal loan benefits like repayment plans and loan forgiveness. Contacting the loan company before or during a missed payment will allow the borrower to adjust their terms or apply for deferment or forbearance. 052.txt
Rick Good spent ten years in the newspaper business, including with The News & Observer (Raleigh, NC) and The Greenville News (Greenville, SC). He co-wrote, with Melinda Coleman, Rutledge to Riley: Governors of South Carolina, 1776–Present (Published by The Greenville News), and is the author of Mind Games Trivia #1 (Amazon). He has recently spent 15 years creating original trivia content through Sounds Good Mobile Entertainment and continues that with his new company, SGME Software. He edits The Smart Reader’s money, real estate, and business coverage.
