More than 1 million people default on their student loans each year

The government also has extraordinary collection powers with federal loans, since they're one of the only debts unable to be discharged in bankruptcy.

To make matters worse, defaulting on your education debt also increases the balance, likely due to collection fees and the accumulation of interest. After default, the Urban Institute found, a student loan borrower will see their balance balloon by around 10 percent."At best, it delays participation in the American Dream," he said. "At worst, they are shut out permanently.

If your loans are officially in default, call your loan servicer and ask them how you can return to good standing. Borrowers are typically presented with three solutions: loan rehabilitation, loan consolidation or paying off the loan in full.

The private schools should provide the loans, not banks/ Sallie Mae. More attention would be paid to quality/ ability of the candidate to finish, get job, repay loan. Rather than 'everyone qualifying' if they can just get a deferred tuition loan.

Go after these deadbeats.

have more on line degrees .. cheap with no buildings and no teachers to support.. on line learning and no debt at the end of a masters degree..

Hope you find a job soon that you love and make an honest wage! Stay positive and live in the now! One step at a time!

Here comes the next crash.

This is why we recommend dropping out of school at the youngest age possible.

But the consumer is in great shape and keeps increasing spending. What gives?

Bad decision can lead to a hard life, part of being an adult. Education is to make one more valuable to the marketplace, not to appease your interests. Any degree that doesn’t make one more valuable is a worthless degree and a bad decision.

People default on all kinds of loans. They outspend their ability to repay...just like our government. And poor spending decisions rightfully have consequences.

No shit trade that master-degree for a masternode

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