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What happens if you don't have money to pay back a school loan?

Kaitlin Dean

in Student Loans

1 answer

1 answer

Deborah Edwards on February 26, 2018

Get to call/write to the lender. You can reduce the payments, obtain a deferment, or loan consolidation. Will the collection, and you don't want that. You can take your tax refund, social security payments, garnish wages, and a ding on the credit report. You can't discharge a student loan in bankruptcy. Work with your lender before you have some of the above happen.

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