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If you still don’t pay, your loans will go into default.
A student loan default will be on your credit report for seven years, making it hard to borrow money for a car, home or another degree.
Private lenders can technically sue you after you miss one payment, but lenders don’t typically jump to a lawsuit that quickly, says Josh Cohen, a lawyer specializing in student loans.
Unlike with federal loans, creditors can’t immediately garnish your wages, Social Security checks or tax returns to collect the debt you owe on private student loans.
The government may start taking money directly out of your paycheck, Social Security benefits or from your tax refund to collect on the debt you owe.
Default is a nightmare, but the Department of Education offers three clear default escape routes: repayment, rehabilitation and consolidation. Do you want to get out of default as soon as possible? Here are the details you need to know about each option: In all three cases, you still have to pay back the debt you owe.
Unless you can pay everything you owe upfront, consolidation is probably your best bet. But after you repay, rehab or consolidate your debt, your loans will technically be in good standing.
You’ll again be eligible for income-driven repayment plans, and deferment or forbearance.
“There is no rehabilitation with private loans.” But you still owe the debt even after it’s charged off.
The amount you owe will balloon because of late fees, collection costs and accruing interest.
You’ll no longer be eligible for deferment, forbearance, federal repayment plans or additional federal student aid.
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Online lenders are out there and they really want to an individual.
But if you don’t pay, the loan holder could earn the right to do those things if it files a lawsuit against you and wins.