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What happens if you default on a loan?

Kaitlin Dean

in Student Loans

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1 answer

Jeremy Wood on March 26, 2018

A lot of very bad things. . Very bad credit, defaulted Federal loans are as bad as the IRS. . Garnished wages, can add up to 25% in collection fees to your loan balance. . No more income tax refund checks, which will be applied to your loan balance. . Harassing calls from collection companies. If you need help getting out of default, called Default Management Services. You can Google the company. Ask for Doug

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