Want To Avoid College Debt?

Sometimes just being clever is the best way to save yourself money! From Good Morning America – Texas Man Builds Miniature House in Hopes of Avoiding College Debt!

Joel Weber said he’s determined to incur less college debt by living in the tiny, 145-square-foot house he built, rather than struggling to pay higher rent in his college town of Austin, Texas.

“I wanted a place to call home,” Weber told ABC News. “I wanted it to be affordable so I could be debt-free and let it be an investment to give back to the community — not just dumped into rent that I wouldn’t get any return on.”

Weber, who will begin his junior year at the University of Texas at Austin, said it can cost upwards of $800 a month to live in the area near his school.

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Here’s what happens when you stop paying your student loans.

From Yahoo – Two years after leaving school, students default on their federal loans at a rate of 9.1%, according to a 2013 report by the New York Federal ReserveThat figure jumps to 13.4% at the three-year mark.

Pulitzer Prize-nominated author Lee Siegel wrote an op-ed article in The New York Times on Saturday in which he advised people to default on their student loans rather than remain stuck with crippling debt.

But what actually happens when you default?

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