If you are in default with your student loans, you are not alone. There are various options available directly from the federal government that can help assist people who are seeking to repay their loans. There are graduated repayment plans, standard repayment plans, extended repayment plans, deferment, and more. In some cases, student loan borrowers may need to consider consolidating their student loans so that they can all be paid with one monthly payment as opposed to many monthly payments.
Some people view unpaid student loans as something that is not a big deal. However, please understand that student loans can negatively impact your credit and become a hindrance when it comes to obtaining loans in the future, including mortgage loans. We do not know right now whether or not there will be any student loan forgiveness put forth by the federal government, and we strongly suggest that you work with a financial planner when making decisions regarding your student loans moving forward.