whats the worst that can happen if you dont repay student loans back?
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IM wondering why the economy is so bad and lost jobs for all, if I do, how do I pay back a student loan. postponement is only for so long. then I want to know what happens in the long term, at worst. and paying what if moving abroad and dont. thanx.
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Tags: back, dont, happen, Loans, repay, Student, whats, worst
January 27th, 2010 at 11:59 am
I am pretty sure that they can take your tax check. Also, student loans are NOT dischargeable under Chapter 7 bankruptcy!
January 27th, 2010 at 12:24 pm
If you don’t pay your student loans and they go into default… the interest you will be charged until it’s re-payed will more than double and they will be able to add on all sorts of Penalties and fees to your balance. A relatively small loan of 4,000 could easily balloon into a loan of 20,000 after default and never paying.
The government will eventually find you and start garnishing your wages and seizing you income tax returns. Your credit will be ruined and you’ll never be able to buy a car or a house or even smaller things. Remember these loans NEVER go away.
January 27th, 2010 at 12:33 pm
it will ruin ur credit and the will take the money out of ur paychecks….. and if u move oversea u move oversea dont worry bout what will going on and if u do move overseas to skip a debt just give up ur american citizenship,
January 27th, 2010 at 12:34 pm
In the UK your student loan repayments are taken direct from your salary in the same way as tax and NI. They can trace you abroad and they will add the costs of tracing you to the loan. You don’t start paying the loan back until you earn over £15,000 a year – and then it is only about £10 a month. After 25 years or when you retire, the remaining loan is cancelled.
You can check this out through the student loan handbook which you get when you apply for a loan.
January 27th, 2010 at 1:27 pm
you can get a bad credit ratting and not get another loan for 7 years .