With the national student debt topping $1 trillion, more students than ever are defaulting on their student loans.
The average student loan default rate is currently at 9.1%–that’s almost 1 in 10 borrowers.
If you have high student debt, you may be thinking, what’s the worst that can happen if you don’t pay it back?
A lot of terrible things, actually. From a severely low credit score to having your wages garnished, the consequences of defaulting on your student loans are dire.
How do I find out how much I owe in student loans? How do I consolidate my loans? Can I lower my student loan interest rate?
This video featuring Money Magazine reporter Carolyn Bigda answers those questions and more. Watch to find out when to start repaying your student loans, what repayment options you have, and how to set up a student loan repayment schedule.