top 3 unknown facts about student loan debt?

King bell

VIP Contributor
When it comes to student loan debt, there are a lot of unknowns. For example, did you know that there are actually three types of student loan debt?

Most people are only familiar with two types of student loan debt: federal and private. But there is actually a third type of student loan debt, which is called institutional debt.

Institutional debt is debt that is issued by the school itself. It’s important to be aware of this type of debt because it can be difficult to discharge in bankruptcy.

Here are three other unknown facts about student loan debt:

1. Student loan debt is the only type of debt that cannot be discharged in bankruptcy.

2. There is no statute of limitations on student loan debt. This means that you can be pursued by collectors for the rest of your life.

3. Student loan debt is one of the most difficult types of debt to manage. This is because there are so many different repayment options and programs. It can be very confusing to try to figure out which option is best for your situation.

If you’re struggling with student loan debt, it’s important to seek out professional help. A qualified financial advisor can help you create a plan to get your debt under control.
 
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