I know ur credit score goes down, but can you get arrested or the government puts a hold on your bank accounts?
2006-10-18 13:31:14 · 13 answers · asked by Anonymous in Education & Reference ➔ Higher Education (University +)
It will mess up your credit. And your tax returns will be withheld every year, until it's paid. Also, they can send it to a creditor and your wages can get garnished.
2006-10-18 13:43:16 · answer #1 · answered by MoMoney23 5 · 1⤊ 0⤋
I've heard that you can get arrested. But if you have a reason for not paying them, like not having a job and/or money and you'll attempted to find a job than you can get a derferrment. If that's the case do what I did back in 2004 when I took some time off for school and write to your loan borrower and lists all the places you've applied to and tell them for how long. In my case it was a whole another year until I got a job so it took a while.
2006-10-18 13:40:48 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Unlike some other kinds of loans, school loans do not expire or get forgotten or forgiven. Even if you declare bankruptcy, school loans are specifically exempted from being erased by bankruptcy.
So, you are stuck. You just have to pay back what you borrow.
2006-10-18 13:38:29 · answer #3 · answered by matt 7 · 1⤊ 0⤋
It is a federal debt, so they may be able to garnish your wages and withhold any income tax refunds you are eligible for and apply it to your student loan. I do know that if you file for bankruptcy, they put your student loan on hold until your out of bankruptcy and then they expect their money/ payments to resume.
2006-10-18 13:41:11 · answer #4 · answered by mischa 6 · 0⤊ 0⤋
they're going to placed a lien on any of your supplies and in case you is surely no longer waiting to get credit everywhere lower back until eventually its paid off. attempt contacting them and asking them to make value preparations you may take care of.
2016-12-16 10:02:35 · answer #5 · answered by ? 4 · 0⤊ 0⤋
if you dont pay it back, you will not receive a fefund come tax time, and they will keep all of your refunds until it is paid off, and your credit score will suffer.
2006-10-18 13:39:57 · answer #6 · answered by ashli l 1 · 0⤊ 0⤋
It depends on the state but the court can order you to pay it back.
2006-10-18 13:33:19 · answer #7 · answered by Tiger by the Tail 7 · 0⤊ 0⤋
being a government sponsored loan, they could go as far as garnishing wages or place a lien on your home
2006-10-18 13:40:12 · answer #8 · answered by Josh C 2 · 0⤊ 0⤋
know i think that they may give you some more time to get the loan paid off.
2006-10-18 13:37:21 · answer #9 · answered by dollblondy 1 · 0⤊ 0⤋
They come and repossess your education, and you get to be stupid all over again!
2006-10-18 13:38:48 · answer #10 · answered by Anonymous · 1⤊ 0⤋