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If you can’t pay off your student loans, your college may sue you

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Every night thousands of people go to bed stressed about their student loan debt, TakePart.com reports. A recent report by the Federal Reserve Bank of New York shows that outstanding student loan debt in the United States stands at $956 billion. It also stated that more student loan borrowers are currently falling behind on their payments. Now, there’s one more worry to throw into the mix. Some colleges and universities—Yale, the University of Pennsylvania, and George Washington University—are suing former students for less than $10,000 because they have defaulted on Perkins loans. Bloomberg reports that students defaulted on $964 million in Perkins loans in the year that ended June 2011. Currently, about 80 percent of student loans are guaranteed by the government…

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