One In Ten Defaulting on College Loans

By: Channel 6 News Email
By: Channel 6 News Email

People who get behind on their college loans are finding they have some different strings attached.

About one in ten students defaulted on their loans between September 2008 and 2010.

But unlike credit card and other kinds of loans can not be dishcharged by bankruptcy.

The loans still have to be paid off in full.

The default can remain on the debtor's credit report for more than seven years.

And the debtor's wages can be garnished until the loan is paid back in full.

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