It’s graduation time and many former students will now have to face the music on how much they owe on their Federal student loans.
And from a credit perspective, you may or may not know that you can’t file bankruptcy nor is there any statute of limitations on a Federal student loan (or taxes either for that matter) but if you have an outstanding Federal student loan it will remain on your credit report for eternity or until 7 years after you pay it off (a statute of limitations will kick in if you pay it off) whichever comes first!
So you may as well get geared up to pay them off.
A problem arises for many students however, that they don’t really realize the depth and extent of all of their student loans. 4 years and 8 semesters and how many loans did you take out? And what interest rate was that?
For complete information on all of your student loans you can visit the National Student Loan Data System for Students