Yeah I know it would hurt your credit score and the lenders will get your tax returns but what else could happen to you?
2006-12-15 01:38:03 · 6 answers · asked by osunumberonefan 5 in Education & Reference ➔ Financial Aid
Yes they will take your tax returns and they can garnish your wages. You will also not be able to receieve any federal financial aid. I suggest that you all the dept. of education, or whoever is listed on your statement and try to workout a payment plan, based on my financial situation I was able to send then $30 a month, and I avoided getting my tax return took. JUST CALL, they will be able to help you work out something. If you don't THEY WILL FIND YOU!!!
2006-12-15 02:40:28 · answer #1 · answered by Joy 1 · 0⤊ 0⤋
You have pretty much answered you own question. Yes, the loan will be given to a collection agency and it will affect your credit rating. Your wages can be garnish... However I have not meet anyone who has had that problem. Of course they will take your tax returns but not many people expect major returns at the end of the year. So actually your best out would be to keep it in forbearance or deferment until you can make the monthly payments. see link below on ways to avoid it.
2006-12-15 01:54:51 · answer #2 · answered by Iris M 1 · 0⤊ 0⤋
you could have your wages garnished, especially if you work for a city or state agency...you could also be sued for the remaining balance...most lenders sell the debt off to a collection specialist who will hunt you down like Boba Fett on Han Solo...I have moved 10 times and they were still able to find me...don't do it...
2006-12-15 01:50:51 · answer #3 · answered by techteach03 5 · 0⤊ 0⤋
if you later decide to go to school, it will hurt your chance of later getting any sort of grants or loans...try your best to work out a payment plan with me...they will work with you if they think you are trying but dont' screw with them
2006-12-15 07:07:10 · answer #4 · answered by chilover 7 · 0⤊ 0⤋
Social security benefits can also be garnished once you are eligible to receive them.
2006-12-15 06:45:50 · answer #5 · answered by AustinoBambino 2 · 0⤊ 0⤋
you probably and can be sued as well.
Mom of B & D
2006-12-15 01:49:30 · answer #6 · answered by Mom of B & D 5 · 0⤊ 0⤋