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Defaults on student loans can have severe repercussions for borrowers of any age. Private servicers may sue upon default, while the federal government may garnish wages or intercept tax refunds.
Recent studies show that while younger generations and millennials are having a difficult time with the burden of student loans, so are other age groups like Gen X’ers and Baby Boomers. The student loan crisis is even making an impact on retirement plans.
With interest rates jumping, student loan borrowers are often stretched too thin, both mentally and financially. This is resulting in financial constraints that affect the economy at large, as they are unable to spend on large items like homes and cars.
Sued by both the Justice Department and more recently the Consumer Financial Protection Bureau (CFPB), Navient administrators have said that they will fight back against these lawsuits.
It has been clear for some time now that more women are attending college than men, so it makes sense that they would be contributing more to tuition costs; however, recent studies point out that student loan debt is becoming a women’s issue.
As over 44 million borrowers continue to pay off their portions of the $1.5 trillion student loan debt that is looming over the US economy, many are stressed, limited by serious financial constraint, and headed into delinquencies or outright default.
Even with careers that may get off the ground quickly, high monthly balances due to student loan debt servicers can be crippling.
There are a host of different programs available via the government if you are having trouble making payments on your student loans, and many of them are overlooked by borrowers.
Graduate students represent a small number of student loan borrowers, but the amounts they borrow can be astronomical in comparison.