Defaulters on student loans face credit problems - 21 News Now, More Local News for Youngstown, Ohio -

Defaulters on student loans face credit problems

Updated:

COLUMBUS, Ohio (AP) - Many of those contributing to the growing default rate for federal student loans include people who want to pay but can?t and who end up facing a lifetime of credit problems.

The Columbus Dispatch reports that millions defaulting on their loans have chosen to ignore them, costing taxpayers millions of dollars. But the newspaper says some can?t pay because of financial trouble due to illness or other problems beyond their control.

Low credit scores for those who don?t pay prevent them from buying cars, renting apartments and even getting jobs.

More than 37 million borrowers owe more than $1 trillion in student loans and the majority of those were government loans.

The newspaper reports that more than 5 million people are in default.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed

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