In some states, defaulting on student loans can cause you to be stripped of your professional license! And in Montana, you can even have your driver’s license suspended for defaulting on your student loans!
The Department of Education encourages schools to withhold transcripts of anyone behind on student loan payments.
If a potential job requires your official transcripts, this could be a problem.
2015 graduating class officially graduated with the most student loan debt than any previous graduating class;
an average of $37,051.
$3,000 in student debt is accrued every second.
43.3 million Americans have student loan debt. Yet in November 2015,
only 1 million borrowers enrolled in an income-driven repayment program.
Average monthly student loan payment= $351.00
There are over 400,000 borrowers currently in default holding $11.5 billion in Federal Student loans
The Department of Education will profit approximately $127 billion over the next 10 years.