Does the student loan finance people send it back for the school to collect it? ANY help is appreciated!
What happens to your student loan when you don%26#039;t pay it?
Student loans are always your responsibility. The school has nothing to do with the repayment of it. Even if you file bankruptcy you will still have to pay back your student loans. Defaulting on them can also result in a higher interest rate and penalties being assessed. You will never escape this debt.
Unless it is back child support owed AND there is a court judgment on the amount, the student loan will be paid by garnishments first.
What happens to your student loan when you don%26#039;t pay it?
The people that own the loan come after you. They will garnish your wages, take your income tax refunds and can put you in jail. Better to call them and set up a payment plan you can both live with.
What happens to your student loan when you don%26#039;t pay it?
They mess up your credit.
What happens to your student loan when you don%26#039;t pay it?
No the school is not responsible for collections unless it is a loan specifically from them. Most are not. They are federally backed Stafford, Perkins, or PLUS loans and if you don%26#039;t pay your student loan back it will go into default. Which means the federal government will seize your income tax return and garnish your wages. It will be sent to a collection agency who will call you endlessly.
Your loan will also have additional %26quot;charges and fees%26quot; added onto it and the interest rate will skyrocket. A loan as little at 3000 dollars could easily jump to over 10K in a short amount of time because of this. Forget buying a house in your lifetime. Forget further federal financial aid for college.
Eat your veggies, pay your student loans. Good luck.
What happens to your student loan when you don%26#039;t pay it?
they come after you. The student loans are backed by the U.S. Government. If you default on your loan, they will come and get anything you own, including where you live.
If someone cosigned for your loan and you don%26#039;t pay it back they will go after you and them.
So if you don%26#039;t want the feds coming for you do not default on the student loan.
What happens to your student loan when you don%26#039;t pay it?
your husband will not have to pay off the loan if it wasn%26#039;t in his name..........it will come out of her taxes.....they don%26#039;t send it back to the school the government intervenes and gets what belongs to them.....
What happens to your student loan when you don%26#039;t pay it?
You could try to google it ,here is some direct resource might be helpful.http://studentloan.online-helpers.info/c...
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