According to the Department of Education, 7 million students in the U.S. defaulted on their college loans during the third quarter of 2014, with the average amount of loan default per borrower being $14,014.
As we’ve written previously, defaulting on your loans can have serious consequences–including damaged credit and having your wages garnished. And since student loans usually can’t be discharged in bankruptcy, many borrowers find themselves unable to repay their loans.
There are, however, ways to avoid succumbing to the peril of student loan debt and default. A recent CNBC article featured College Financing Group co-founder Rick Ross, who gave his advice about preventing student loans from taking over your life.