Many of us are annoyed by our student loan balances. It’s frustrating to spend hundreds of dollars each month on old debt for a degree you may or may not be using when you would much rather spend or save that money for something else. We forget that being able to afford our student loan payments is a luxury – many graduates cannot. In the US, more than 40% of government student loan borrowers are not making payments. This means they are either in default, delinquency or have postponed their payments, usually due to financial hardship. In Canada, 13% of borrowers default on their student loans – but a default only happens after the loan has been in arrears for nine months, which means there’s probably plenty more that are a few months behind but not in trouble yet. What happens if you can’t make your student loan payments? Your […]
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