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What will happen if I can't pay back the student loan?

What Happens if you cant pay back a student loan. Due to low income?

  • I come from a poor background, and I decided to go to school. the student loans got so large that I new I couldnt pay them back. now I have payments due and i am still not making enought to pay them. What can I do. I have already consolidated them and still can't afford them. What can I do. I am living paycheck to paycheck and can not find a job that will pay me more money. Some one please help me. I have already filed banckruptcy on everything else. And I can not still pay. What can i do?

  • Answer:

    Your only option is to repay... even a small amount, every month, until it's paid off. Even if they complain and say you aren't paying enough, they aren't going to send any money back to you becasue it's not enough. Consider taking a second job as well. If you go into default, your wages will be garnished and your income tax refunds will be seized. don't ever take out a loan you "know" you can't pay back.

Deltagir... at Yahoo! Answers Visit the source

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start with-federal student loans are not bankrupt-able. they live forever. just because u came from 'poor background' isn't a valid reason not to pay off ur debts. student loans can be placed in 'hardship' status ask them. NOW for the rest of the 'problems' visit library read understand apply info in '48 days to work u love' d.miller 'what colour is ur parachute' great info for seeing outside ur grave/rut 'total money make over' d.ramsey to learn how to own ur money not be owned by it. understand of every 100 millionaires in USA 88 of them were POOR folks who decided - enough is enough and didn't do what poor folks do. chose to take ur excuses and turn them into reasons to become wealthy. visit library read 'think and grow rich' , 'god wants u to be rich', 'the millionaire next door'. stop ur pity party and get on with becoming wealthy. need more money get 2 more jobs pt/tm.

robert w

my wife has this problem, she defaulted on a student loan, they tried to garnish her wages but luckily the company she works for is not based in Texas so they put a stop to that, we still have the unfortunate problems of having our tax refund ripped away from us. I have to fill out an "injured spouse" form to get back my portion of the tax refund. Student loans are federally guaranteed so they will hold it against you forever until the debt is paid.

patrotjon

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