If you stop paying your student loans, expect your balance to grow a lot.
"Consolidation" or "rehabilitation" — the ways student loan borrowers can rescue their debt from default — are processes that can come with hefty fees.
After a rehabilitation, for example, your balance would grow to $97,045 from $78,083, after interest, collection fees and late charges. And most people who go through this process will default again, making their balance grow even more.
By now, your loan balance has nearly doubled from what you originally borrowed.
... How to avoid it:
"If borrowers are struggling to make their monthly payments, they should contact their student loan servicer as soon as possible," Griffin Rubin said.
Signing up for an income-driven repayment plan can make sure that you don't owe an unreasonable amount compared to your income.
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