Student loans are binding legal agreements. It has specified terms and conditions which have to be fulfilled. Sometimes however despite all good intentions, circumstances beyond our control may give us difficulty to comply with our loan obligations. If you find yourself having difficulty in paying back your student loan it might comfort you to know that you are not the only one in that difficult situation. According to statistics of the U.S. Department of Education, around 25 percent of student loan borrowers from four-year universities eventually default on their student loans. Latest figures show a total of $ 67 billion in defaulted student loans. Although it might give you a sigh of relief that you are not the only one having problems with your loan repayment, you must exert serious effort to redeem yourself right away. Not repaying your loan according to terms and conditions in the loan agreement could put you into default status. This has serious repercussions.