WHAT HAPPENS IF I CAN’T PAY MY STUDENT LOANS?
There are cases when one cannot simply pay student loans on time or may even have to default on them. Now, student loans are a feasible option for those looking for ways to finance their college education. One has a choice of taking Federal student loans or Private loans or a combination of both. What happens though when you cannot pay off your student debts or when you have a defaulted student loan?
With private lenders and government lenders alike, the first thing that you may have to face is the prospect of getting sued. Aside from that, you can also get sued indefinitely. Now, if you have a defaulted student loan from a government lender, there are also other ways by which they can collect payment. For instance, you may find your Federal benefits withheld. Certain benefits such as your Social Security retirement and disability payments may be taken as payment for your debts. However, the lighter part of this is that the government can’t take any amount that would leave you with benefits that amount to less than US%9,000 a year or US%750 a month. Also, the amount that can be taken by the government cannot exceed 15%PRCTG% of your benefits. Another downside to having a defaulted student loan is that you may find a portion of your wages ‘garnished’ or taken by the government as well. Similar to the previous measure, though, there is a limit on the amount that can be taken from your disposable income.
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