Student loan defaults are common. Here’s what happens when you default – and how to come back from it. ( iStock )
The number of people who default on student loans is declining, but you’d probably still be surprised by the stats. According to the U.S Department of Education, just over one in every 10 college students defaults on their loans-and that’s just within two years of entering their repayment period.
A longer-term study from nonprofit policy organization the Brookings Institution showed defaults are even more common a few years down the road.