Did you know that the average college graduate has about $24,000 in student loans? Ever wonder what happens if they don’t make their payments? There are serious consequences like credit damage and wage garnishment. Not only that, but interest and collection costs can add thousands of dollars to the outstanding balance. Here’s an example:
EventAmount Due (Approximate)Enter repayment$24,000Miss nine payments, enter default$25,520Four months into default$25,827After collection costs
Don’t let that happen to you! There are plenty of good ways to avoid default. If you are having trouble making your payments, contact American Student Assistance® (ASA) right away at 800.999.9080, extension 4777.
Sat: 8:00 a.m. – 12:00 p.m.
Sun: 5:00 p.m. – 9:00 p.m.
Please note: All times Eastern.
Category: Do Not Default