Fast Fact

The default rate on student loans reached an all-time high of 22.4% in 1990. The all-time low was 4.5% in 2003.

Source: Federal Student Aid, 2009

Trouble Paying

You CAN find a solution if you can't pay.

If you can't afford your student loan payments, don't wait until you fall behind to seek assistance. Late or missed payments stay on your credit history for up to 7 years.

Simple solutions are available:

Take steps to avoid these financial situations:

Helpful Hint

Don't know who services your federal loans?
To find out, sign in to using your federal ID. Keep track of all of your servicers (PDF) and their contact information.

Test Your Knowledge

Almost 20% of young adults change their career path because of the significant amount of debt they have.

  1. True
  2. False

1. True

This is true. Approximately 17% of young adults are so far in the red that they choose to follow a more lucrative career path than their original choice. Careers like teaching and nursing are suffering as a result.

Source: SmartMoney, 2010