To avoid defaulting on a loan, follow these tips:
- First, do some research before applying for a loan.
- Don’t choose a repayment plan for your loan based solely on the interest rate (or any other factor).
- If possible, get help from friends and family to repay your loans more quickly.
- Consider getting another job if you can’t make ends meet with your current one.
- Try not to take out more than one loan at once.
- Finally, you can declare bankruptcy and benefit from loan forgiveness.