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.