Reading through a number of stories on defaulted student loans can enlighten America as to why so many people are either delinquent or in default on their loans. This article contains some personal stories about graduates that fell behind on their loans.
Casey had taken out a number of loans while attending college. He was confident that he would be able to get a high paying job as an accountant after his graduation. He took out loans to pay for books and housing. After graduation Casey was only able to find a job as a retail clerk in an electronic store. As soon as his grace period ended he realized there was no way he could afford his high monthly loan payments. He is now six months behind and facing default in the coming months.
Jessica was able to get a high paying job with an advertising firm straight out of college. She made her monthly loan payments for several years before her company went bankrupt after losing some major clients. Within a few months Jessica fell behind on her car payments and her student loan payments. She is now in default on her federal loans.
Bill attended a state school and took out a few loans. His mother became ill and he left school to care for her. After his grace period expired he had to start paying back on his loans even though he never finished school. His part time job could not cover the dollar amount he owed on the loan and it is now in default and his wages are about to be garnished.