As most everyone is becoming increasingly aware of, student loan debt in the United States has exceeded $1 trillion dollars and is approaching $1.3 trillion dollars! We usually only use numbers like that when discussing the national debt. The conversation has become a little too comfortable for a very uncomfortable problem. Fortunately there are some solutions out there.
When analyzing the data, we see that many individuals are having trouble making the payments as they come due. This is the genesis of DEFAULT! Student loan default is very serious. It will often lead to administrative wage garnishment . . . which basically means the student loan guarantor or servicer doesn’t have to sue you in court.
If you are having trouble making your payments, there are options available to lighten the load such as: forbearance, deferment, income-based repayment (IBR), income-contingent repayment (ICR), graduated repayment, extended repayment, or even Bankruptcy.