What if I didn't get job and didn't able to pay education lone?
Answer (1)
15th May, 2019
If you are not able to pay loan, here’s what will happen:
- The entire loan balance and any accrued interest immediately becomes due and payable
- You lose eligibility for certain programs, like student loan forgiveness, forbearance, deferment, and changing repayment plans
- You lose eligibility for additional financial aid
- Your loan will be reported to the credit bureaus as being in default and it will hurt your credit score (if your loan is already in default.
- You can be subject to wage garnishment to pay the debt (if you are a Federal employee, you could be subject to up to 15% garnishment due to the Federal Salary Offset)
- Your lender could take legal action against you
- Your lender could place a lien on any property you own
- You could have your tax return garnished
- You could have your Social Security and other Federal payments garnished
With all of these, your student loan debt can end up costing you a place to live, and more.
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