Loan defaults could negatively impact current job wages, federal tax refunds and Social Security benefits.
What Happens If I Don't Pay My Student Loans?
Wallace offered three 'P' tips for borrowers: proactiveness, patience and preparedness. That includes exhausting all options in terms of IDR plans and what they qualify for, and signing on to new plans like SAVE if applicable. Nathan Daun-Barnett, associate professor of higher education administration at the University of Buffalo, toldvia email that the SAVE plan is a"game changer" but it won't prevent some early defaults when repayment goes into effect due to the time between its enaction and payments resuming.
More borrowers will also have less discretionary income to spend on products, services and activities, he added. The Empower poll found that 59 percent of respondents plan to reduce spending in those areas.
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