Can't pay student loan bill? Here's what to do

New York • If you can’t afford to pay your student loan bill, don’t blow it off. There are steps that you can take that may save you from financial ruin. “There are more options than you may realize,” says Rohit Chopra, a senior fellow at the Consumer Federation of America, particularly for those with federal student loans. Not paying can severely damage your credit report. Going into default — which happens after 270 days of not paying a federal student loan bill, and even sooner for private st...

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