It is very important to be aware of the consequences of not paying your student loan on time. It will hurt your credit rating and make it more difficult for you to get a loan in the future if you try to go after an education loan. Many students are unaware that there are consequences to not paying their loans.
When it comes to student loans, federal loans are the only type that require you to make payments to the government on a monthly basis. The only way that you can avoid having to make a payment is if you can prove that you are in financial need.
