In a perfect world, you’d have no student loan debt. And, if you did, you wouldn’t have taken on more debt than you could handle. Or you wouldn’t be facing financial setbacks that are making repayment of those loans a daunting task.
But the fact remains that, in 2017, the average student loan balance sat at $34,144 – a record high for the nation. And, on average, more than 3,000 people default on their federal loans every day, according to government data.
So you’re not alone if you’re struggling to keep up with burdensome student loan payments. And it’s understandable why you might be tempted to stick your head in the sand and quit repaying altogether. But is that strategy really your best bet?