What Happens If a Student Faces Difficulty in Repaying The Education Loan

If a student faces difficulty in repaying an education loan, they may encounter financial stress and the risk of loan default. Consequences could include damage to their credit score, which can affect future borrowing options. However, many lenders offer options like loan restructuring, extended repayment periods, or deferment to ease the burden. Some governments and institutions also provide loan forgiveness programs or income-based repayment plans, allowing students to repay according to their earnings. It is essential for students to communicate with their lenders and explore available alternatives to avoid long-term financial repercussions.Readmore