2006-10-18 12:47:00 · 8 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
If there's a good reason why you can't pay, look into getting an extended DEFERMENT! I think Student Loans is like one of the biggest things you shouldn't NOT pay!
I'm not sure what they can do , but I wouldn't want to find out. Look into other solutions!
2006-10-18 12:50:22 · answer #1 · answered by IAskUAnswer 6 · 2⤊ 0⤋
Unfortunately, the answer is probably YES (in both the US and Canada), but not necessarily soon, and just because they can, doesn't mean they will (or even have in the past). If you have loans, call the people you're supposed to start paying, explain how much you make, and they should be able to restructure your payments to make them fit your current budget, or even defer them for a little while.
The first source I list is a US Deptarment of Education site, answering questions about repaying your student loans.
The second is a guide for US employers, explaining that once a student defaults on their loan, they report it to credit bureaus, and that they can eventually garnish wages.
The third site is a Canadian government site which lists different options they have to help them collect your debt from you if you default on your student loan. It also seems that if you were to default, they could sue you, win, and then have the court garnish your wages.
2006-10-18 21:09:58 · answer #2 · answered by MattyG 2 · 1⤊ 0⤋
I find myself in the same boat as you. I consolidated my loans after graduation and the payments became due 6 months later. I made a couple of payments ($238.00 per month) and found it difficult to meet my obligation so I called the consolidation place and got a financial hardship deferment. I am employed part time and don't make enough to pay that amount at this time. Financial hardship is based on your income and I had to send in my past three pay stubs from my job to prove my financial difficulty. My deferment is for a year and I was able to keep my same low interest rate in the process. I would call the company you consolidated with and they will decide whether you qualify for a deferment based on financial hardship. Do Not ever let your student loans go into default or they will haunt you forever. It may take awhile for them to garnish but, believe me, they will find you and make your life miserible eventually. Good Luck.
2006-10-19 10:46:08 · answer #3 · answered by suctioncup83616 4 · 0⤊ 0⤋
most places are really cool if you are unemployed...you can call about getting a financial hardship deferment, some will send oyu a form to fill out or some will just put you in a deferment over the phone,....make sure you call them and tell them ou are having a hard time..its really bad not to pay student loans. im not sure what they can do but since its federal money im sure they dont mess around.
2006-10-18 22:35:00 · answer #4 · answered by Frank 3 · 0⤊ 0⤋
you need to get a job and pay your bills. unless you are not capable of working for medical reasons you dont have a leg to stand on.or you have too many children that it isnt cost effective to go to work. or do you have a job and you simply dont earn enough to make the payments. there are solutions. part-time work,take in a roomate or become someone elses roomate to cut down your cost of living. are you overspending. i hope your able to get a better paying job or a second job. if you have children it is difficult. but if you dont, then you need to use your time more efficiently to produce more income for yourself.
2006-10-18 20:04:50 · answer #5 · answered by shyboy 3 · 0⤊ 0⤋
how are u not able to make 50 bucks a month thats all mine are and my credit is shot to hell. anyways ask for a deferment tell them the reason and if its good enough they will grant u one probably 3 months or so. and yes they can and yes they will granish your wages.
2006-10-19 03:12:07 · answer #6 · answered by bigpoppa_2x@verizon.net 3 · 0⤊ 0⤋
No, but they can send it to collections which is bad for your credit. Try to work out a payment plan that's feasible for you or try to defer it based on financial hardship.
2006-10-18 19:54:29 · answer #7 · answered by Anonymous · 0⤊ 0⤋
yes they will garsnish you wages but maybe if you try a better appoarch and call make and arraingement to pay something i'm sure they'll allow you too
2006-10-18 21:36:12 · answer #8 · answered by nicegirl2 2 · 0⤊ 0⤋