I'm being sued for a Sallie Mae student loan and I can't pay, what's going to happen?

No jail. Lien, judgement, tax garnishment, possible wage garnishment; same for the co-signer.

The cosigner is obligated to pay. Both tax refunds will be confiscated and any other federal payments will be attached if not also confiscated. Any assets will be attached and a lien placed against any owned residence. They can compel the sale of any surplus acreage, vehicles, housing or real estate.

You will not be sent to jail. There are no more debtor's prisons. Sallie Mae will get the money from you or your consignor. Government-guaranteed student loans are not dischargeable in bankruptcy. Sallie Mae doesn't care who the money comes from. It may be easier for them to get it from your cosigner. The loan delinquency will appear on your credit history.

1. this is a civil matter, not a criminal one, you cannot be jailed. 2. creditor cannot force you into bankrupcty. besides, student loans are not dischargable, which means that even if you did file bankruptcy, it would accomplish nothing to get you out of this mess. 3. is this a legit court date? make sure that the case is for real. do this by calling the court that is on the summons and checking the docket number. if the court date is legit, than you've got problems. your best bet is to call the creditor and try to work something out. understand that you have very little leverage at this point...especially if they feel that they will win in court anyways. 4. if the court date is for real than do show up. plead your case. if you lose, the court can order your assets seized and your bank account levied or your wages garnished. all of this depends on your state. in some states, they can sell your car to help discharge the debt. 5. this is exactly why you never ever cosign. it's bad news and it ends up blowing up in your face. you are both in big trouble here. your best bet is to see if they will settle and if they give you an amount that is 60 percent of what is owed, than scrape together that cash somehow and pay. you should have never let it get to this point. do not listen to chito. his advice will get you even deeper.

There is no jail for debter, however you will have to pay, or your cosigner will pay. Either way, Sallie Mae is getting their money back.

all dept must be paid ether by the creditor or the debtor, They will ruin your credit rating which will cost you more to borrow money in the future if they will even loan you any money. would be best to try to pay at least something. Going to ruin your cosigners credit also. might want to think hard about paying that one.Living space under the bridge is going to be limited soon.

they'll just keep sending a collection letters and they will get tired and stop .Don't worry about it ,you'll be fine ,just keep telling them, you'll pay when you get a job so ,........relax, smile and talk to your co-signer not to worry.