No one intends to drop out of college. If you show up to campus for your freshman year, chances are you plan to graduate in four years and use your degree to land a job. Maybe you even have the whole thing mapped out, step-by-step.
But then life happens. Whether it’s a family emergency, deteriorating health, stress burnout, or just the realization that college isn’t the right choice, plenty of people choose to drop out of their university every year. The problem is, your student loans don’t go away just because you never ended up with a degree.
So how should someone in this position approach student loan repayment? Are there any unique considerations to take into account? Here’s what you need to know.
Choose an Income-Based Repayment Plan
If you have federal student loans, you’re eligible for the same repayment options available to borrowers with a degree.
You may … Read the rest