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 Reserve. That 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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