Photo Courtesy Of http://www.mscareergirl.comYou may be wondering why would I begin a series on student loan default during the back to school season. I'm doing so because this a serious issue in our country. I feel like it's important for students to remember this as they are taking out their student loans. As you begin the school year realize the responsibility that you are accepting as you sign your promissory note. You wouldn't buy a car or a home without doing your research and educating yourself. As you invest in yourself and your education you must take the same precautions. I'm not trying to scare you or talk you out of taking out student loans. I believe in them. I just want students to be aware and completely educated about all of their options and all of the consequences that come as a result of failing to take their student loans seriously.
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Student loans are usually an inevitable part of almost every student’s life. They are typically very accessible, so much so that we sometimes forget that we have to one-day pay them back. The Chronicle of Higher Education reports that “One in every five government loans that entered repayment in 1995 has gone into default.”
(Source) Evidently defaulting on student loans is much more prevalent in minority and/or low-income communities. According to Inside Higher Education, minority/low income students are much more likely to default on their student loans than their white and wealthy counterparts (Additionally students that attend for-profit institutions, students that are also single parents, divorced or widowed are all less likely to pay back their student loans. (
Source) Surprisingly, studies have also found that adults who return to college to pursue bachelors and associate degrees are more likely to default on their student loans than younger students.
Given these statistics it’s become clear to me that many students are still unaware /undereducated of the student loan repayment process. No worries, this is why I am here. Hopefully through this series students will learn what it means to go into default on their student loans and also learn the necessary precautions to keep from defaulting on their loans. I will also provide information for students who may have already defaulted on their loans in hopes to assist them in finding and securing means of loan repayment. This is a lot of information so I’ve had to break up the post across a couple days. Today we will define student loan default and discuss the consequences thereof. Don’t miss the bus.
Wednesday, August 3, 2011 at 12:23PM 
So to wrap up the series on student loan default, today we’re going to cover what one can do if his/her student loans are in default. Despite the devastating consequences of loan default there is hope for fiscal recovery. I think the most common mistake made after students default on their loans, is failing to take any action. Students may feel that there is nothing that they can do. Or since they are unable to pay their loans in full, there is no point of making any moves. The longer your loan is in default the more you damage your credit, and often times irrevocably. Don’t ignore you default notices. If you receive one from your loan servicer, contact your lender immediately! 
