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Student Loan Problems

Authored By
Education for Justice
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Payments for federal student loans have been temporarily suspended, and interest rates on federal student loans have been set to 0%, from March 13, 2020 through December 31, 2020. This does not affect private student loans at this time. Learn more at the Federal Student Aid website: https://studentaid.gov/announcements-events/coronavirus.

Federal and private student loans can be a great way to pay for college. But if you get behind on paying back the debt it can be really hard to deal with. You must normally repay your loans even if you don’t finish school. Student loans can’t normally be “discharged” (thrown out) by declaring bankruptcy.

If you co-sign for family or a friend’s federal student loan you can be held responsible to pay the full amount of the loan. Think carefully before you agree to co-sign for anyone’s loan.