The Fidelity study also found that 50 percent of those 2013 graduates who had taken out student loans expressed surprise by just how much debt they had accumulated. That's another shocking statistic that clearly demonstrates just how difficult it is for many college-age students to visualize what their lives will be like when the borrowing phase of their student loans is over and the dreaded repayment phase begins. And that's not a good place to be.
The bottom line is that student loans are not optional arrangements between you and your lenders. They have to be repaid. They cannot be ignored or put off and federal law stipulates that they cannot even be discharged via bankruptcy. If you default on your student loans you can have your tax refunds intercepted, a portion of your wages garnished, judgments or lawsuits issued against you or collection fees added to your loan balances – not to mention harassing calls and tactics from aggressive creditors.
That's why it's absolutely critical that if you are a student loan borrower,
If college completion rates are critical to raising families out of poverty in the U.S., something must be done to ensure more students from poor families are able to finish their education. This is the goal of a new three-year initiative from the Center for Law and Social Policy (CLASP) and the American Association of Community Colleges, in cooperation with the Open Society Foundations, as well as the Ford, Lumina, Annie E. Casey and Kresge Foundations. The Foundation Center reports that the Benefits Access for College Completion initiative is up and ready to roll at seven community colleges across the country.
About the Benefits Access for College Completion Initiative