Monday, November 9, 2009

Defaulting on College Debt

It is bad enough to have to spend a fortune to get through college, only to find yourself with a degree that does not enable you to find a viable job. It is worse when that pursuit of a career puts you in extreme debt.

What do you then do?

Defaulting on college-induced debt can be rough. You will have to get a handle on the type of debt, whether federal or private, and its terms. I suggest you contact the National Student Loan Data System, at www.nslds.ed.gov.

There may be some forgiveness programs for government workers and teachers, along with AmeriCorp volunteers and similar programs.

But as a precaution, avoid heavy student loans, or do not go much further into debt than you may already have.

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