Default School Loan
Student loan default is legally considered to have taken place when non-payment has persisted for a period of not less than 270 days. This not only has implications for the borrower's credit rating, it also means that it will no longer be possible to defer student loan repayments in the future. College debt cannot normally be cleared by filing for bankruptcy (other than in exceptional circumstances) so it is important to tackle student loan debt appropriately before financial difficulties spiral out of control.
Student Loan Default Alternatives
As already alluded to, defaulting on a student loan is not a panacea and will not make the borrower's money worries go away. The only long term solution to student loan debt is a viable repayment plan. However, rather than opting to default on a loan, there are delay tactics and programs that can help. It is also possible to make a few simple lifestyle changes that can free up money to help with overall debt reduction and clearance.
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