It might seem tempting to ignore making payments, but the consequences can be severe, including a hit to your credit score and exclusion from future aid and benefits.
CAN I FILE BANKRUPTCY ON STUDENT LOANS?
For borrowers who show that level of financial strain, chances are they have other options, Rodriguez said. “Though it is difficult to get your loans discharged through the bankruptcy process, an increasing number of borrowers are eligible to get their loans discharged that way," she said. “A lot of people write that off as ‘there’s no way,’ it’s impossible.' But it’s increasingly possible.”When you fall behind on a loan by 270 days — roughly 9 months — the loan appears on your credit report as being in default.
“If your school closed before you could complete your program, you're eligible for relief. If your school lied to you or misrepresented the outcome of what your enrolling would be, you can file a borrower defense application, and request your loan be canceled on that basis," she said."If you have a disability, you can sometimes have your loans canceled on that basis."to see what their options might be before missing payments.
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