![]() ![]() "Students who drop out do not learn about these options." "Students who graduate undergo exit counseling where deferment and repayment plans are reviewed," he says. Inform yourself: One of the driving forces behind the elevated default rate among dropouts is lack of information, says Kantrowitz. "Paying them off at the minimum 'because interest is so low' is moron-speak," says Nettleton.Ģ. If you have the means do so, pay the loans off quickly, he says. "If you're not going to be actively accruing them, then you need to be actively paying them off," he says.ĭon't beat around the bush. Pay them off - ASAP: Student loan payments should be a top priority for dropouts, Nettleton says. These three tips can help college dropouts stay on top of their student loans and avoid becoming another statistic in Kantrowitz's default calculations.ġ. The Houston-based content manager, who eventually earned an associate degree, paid only the bare minimum each month because of the loan's low 4 percent interest rate, which he calls "terrible logic." While Nettleton did not fall into that category, he admits he could have taken a smarter approach to paying back his relatively small balance. Those who do bow out early are four times more likely to default on their federal loans than those who graduate, according to financial aid expert Mark Kantrowitz, who conducted his own analysis of federal data. ![]() Nearly 50 percent of college students drop out before earning their degree, but not before racking up student loans. ![]() "(I) kept the student loans around forever, like they were a pet," he says. ![]()
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