College students who are struggling to pay back loans should think twice before defaulting, according to personal finance website NerdWallet. Students who default on federal loans could expect to have their tax refunds or paychecks garnished. Failing to pay back a private loan could result in a lawsuit, the site says.
So, what is a financially-struggling college student supposed to do if he’s unable to repay the full loan amount?
“Something is better than nothing,” says Brianna McGurran, a student loan expert with NerdWallet.
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