It is no secret that many Americans are struggling with paying back their student loans. Millions of graduates are burdened with thousands of dollars debt as they enter the workforce. With skyrocketing tuition prices and exceptionally high interest rates on both federal and private loans, millions of young people are entering adulthood at a strong fiscal disadvantage.

A large number of borrowers who cannot pay back their student loans do not take the steps toward paying them off. As a consequence, their loans are in danger of being placed in default, which has a tremendously negative effect on their credit. Falling into default digs a deep financial hole for the borrower. It is incredibly difficult to build up good credit after the person’s student loans have been placed into default. However, there are options available to borrowers who cannot afford to pay back their student loans.

For those who seek help with paying back their student loans, they run into issues with their loan servicing companies. There have been thousands of complaints from borrowers regarding the communications with service companies. The complaints range from the servicers miscommunicating with the borrower to the servicers providing bad information about services and repayment options. Borrowers are not getting the help that they need to repay their student loan debt. As a result, a vast majority of these borrowers are having their loans placed into default. In order to avoid this, servicers and borrowers need to properly communicate with one another.

By the end of 2015, 19.7% of borrowers have been declared as “delinquent”, meaning that they are at least 30 days behind scheduled payments. This is due to three primary reasons. The first being that borrowers cannot afford to repay their student loans. Another reason is that the individual does not want to repay their student loans. The third reason for this issue is that the servicers are giving misinformation to clients, causing a great deal of confusion.

Student loan servicers must be held accountable for providing clear and concise information to their clients. By having better access to programs and repayment options, borrowers can avoid defaulting on their student loans. If the U.S. government continues to neglect this pressing issue, the amount of student loan debt will dramatically increase. Young people graduating with monstrous amounts of debt will be unable to buy homes or new cars, resulting in a stunted economy and a marginalized middle ­class.

Until the proper government regulations and standards have been set for service companies, borrowers must take the initiative to help themselves climb out of debt. There are repayment programs available that are crafted to the borrower’s discretionary income. These programs, known as income­-based repayment plans, are monthly payments to help graduates manage their finances while paying back their student loans. By keeping up with their monthly payments, the borrower can avoid having their loans placed into default.

There are options available to college graduates that cannot afford to repay their loans. For the time being, these student loan servicing companies are not properly regulated and held to an appropriate standard. Before these pertinent changes are made, borrowers have the opportunity to enroll in an income­-based repayment plan to tackle their student loan debt and maintain good credit.