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Kelci Lynn Lucier

What Happens If You Can't Pay Your Student Loans?

By January 2, 2014

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Even though you go to college -- and sign college loan papers -- with the best of intentions, reality can hit kinda hard sometimes. And many students wonder what happens to them if, at a later point, they can't pay their student loans.

While there's no easy answer to this question (as it depends greatly on the specifics of your situation), a recent headline demonstrates the importance of knowing your rights and responsibilities as a borrower. As was reported in The New York Times, a non-profit working with the U.S. Department of Education has been using some questionable tactics to collect college student loans. And unfortunately, since no one really knows what the future holds, it's especially important to pay attention to your financial aid exit counseling. Whether you've just graduated, are graduating in the spring, or aren't planning on graduating for another few years, know that both paying back and truly understanding your student loans often carry equal importance.

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