Are College Dropouts Still Responsible for Student Loan Repayment?
Student loan borrowers make up over fifty percent of college students. Today’s high cost of education makes it almost impossible for many to get through college without getting financial help. The thing is, about 20% of educational loan borrowers drop out before they receive their degree. College dropouts will still be responsible in paying back what they owe even if they haven’t completed their studies. There are a lot of reasons why an individual cannot complete his studies but the consequences are the same no matter what these reasons are. If a borrower decides to drop out during a semester, his debts may be canceled. To prevent a borrower from withdrawing early and end up keeping the borrowed funds, instructors are to report a student’s attendance for several weeks into the term or until the designated drop date. If the borrower quits attending his classes before the drop date, the college will have the student loan canceled to prevent the funds from being dispersed. The borrower w
