2007-03-27 05:50:47 · 15 answers · asked by USArocksnumberone 1 in Education & Reference ➔ Financial Aid
I would recommend not thinking that way. Call the loan companies.
Read "The Secret" and get the Law of Attraction on your side.
2007-03-27 06:14:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Why do you want to know, not thinking of failing to pay off the loan are you ?
2007-03-27 05:55:14 · answer #2 · answered by Anonymous · 1⤊ 0⤋
i havent heard of anyone going to jail, but they can garnish your wages, and also keep any income tax refund due you,
what i suggest, and what i did, was go threw the dept of education, for a consolidation loan,,,,,,, this is basically the same loan offtered by private collection agencies, but it cuts out the middle man, and thus some of the cost,,,,,,, the dept of education will set up your loan "income contingent" if you select that,,,,,,, and will set you a reasonable amount to pay,,,,,,
here is a link to their site
http://www.loanconsolidation.ed.gov/borrower/borrower.shtml
ps: if you dont already have a dept of education PIN #, you will need that before applying ,,,,,,
2007-03-27 05:57:28 · answer #3 · answered by dlin333 7 · 0⤊ 0⤋
No you cant go to Jail, but your credit will be ruined for life with unpaid student loans
2007-03-27 05:55:49 · answer #4 · answered by Invisible Pink RN 7 · 2⤊ 0⤋
No, but your credit rating can be ruined, and you will have to pay back a ton of interest. If it is a government sponcered program they can legally garnish your wages.
You are much more sensible to pay back your loans on time and as quickly as possible.
Good luck.
2007-03-27 06:00:26 · answer #5 · answered by Sue F 7 · 1⤊ 0⤋
No, you probably wouldnt have to go to jail, although they would probably come after any assets that you have. If that doesn't work, you may have to file bankruptcy which stays on your credit report (and kills it) for 7 years. The best thing to do would be to work with a collection agency to set up a payment plan that you can afford.
2007-03-27 05:55:00 · answer #6 · answered by mikeztheman 2 · 1⤊ 1⤋
Not yet, but you can't buy a car, house, destroys your credit and can cause you not to get a job.
So work it out. LIFE EXPERIENCE.....my husband put it off for so many years, I never knew he had the debt when we married and it almost cost us NOT to be able to get a house.
We had to pay it all off first.
2007-03-27 05:54:18 · answer #7 · answered by Denise W 6 · 3⤊ 0⤋
In most states/country's: NO.
In that case, depending on the state/country you live in, they will send letters about it and may even confiscate some of your belongings but they can't throw you out of your house if you rent a house and pay the rent bill.
Regards,
Famke.
2007-03-27 05:55:01 · answer #8 · answered by Famke H 2 · 1⤊ 1⤋
No, they could eventually take you to 'Civil' court which is different from 'Crimnal' court, you will just have to pay some fines and you get a bad credit score.
2007-03-27 05:53:31 · answer #9 · answered by Mootron 2 · 1⤊ 0⤋
nope
if you are poor you can defer them
if you are taking at least two classes, you can defer them
I wonder more people don't just stay in school, until or unless they find some reasonable work
2007-03-27 05:55:26 · answer #10 · answered by Anonymous · 2⤊ 0⤋