What is FREAKING you out today??

[Shawnee123]

Originally Posted by footfootfoot

Student loan is at the bottom of the totem pole, What are they gonna do? repossess your brain?

Oh my (puts fingers in ears and hums.)

Student loan default is a big deal. So much so that a lot of pressure is being put on schools to take more than an active role in keeping default rates down. A school with a high default rate could be in danger of losing access to Title IV funding.

In fact, just this year, my department added a new position (under my supervision...egads) of Default Management technician. We also limited access to unsubsidized loans and make the students come to an extra counseling session to access the full limits of their loans. Most students don't know how much they've borrowed or have any idea what their initial monthly payment would look like. We practically try to scare them into borrowing less. Good for the student, in the long run...but sadly many people are living off this funding.

Want to know how much you've borrowed and access repayment calculators? Log into www.nslds.ed.gov.

For those who have trouble making payments, I urge you to contact your servicer. There are deferments and forebearances for all kinds of issues. Once you go into default, you've paved the way for some actual and real serious consequences.

[/oligatory job-related free advice]