College Financing: Student Loan Default
It is difficult when you are feeling overwhelmed and bogged down by trying to repay your student loans to not miss a payment here or there, but, because of student loan default consequences, it is extremely (and I mean EXTREMELY) important not to ignore your payments. Debt is scary at times, and if you simply cannot afford to pay it for a few months, you may just choose to ignore it.
Unfortunately, ignoring your debt leads you down the worst possible path. Never ignore your debt. Fine, cry and whine about it, worry, even. But after that, face it and get help as soon as possible. A student loan default record will affect your credit severely, making it hard to get any loan later on (for things like a mortgage) or to even rent an apartment.
Stay Away from Student Loan Default
In order to keep clear of student loan default, which, by definition is missing payments on your student loan debt for over 270 days, you must take action at the first sign of potential delinquency. You did not find help from lenders to go to school only to ruin your future. You went to succeed, and you can.
Make a commitment to yourself to look at your debt rationally. Talk to your debtors if you know you will have problems with payments and they will most likely help you out. Go to a consolidation service, if need be, and find out how your rates can be lowered every month. In any case, do not just sit idly by waiting to be hit by even greater turmoil.