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What happens if you don't pay student loans?

Daniel King

in Student Loans

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Ramon Kelly on August 21, 2018

Defaulting on student loans is like defaulting on any other type of loan. Derogatory entries will be placed on your credit report for some time. This will make it difficult or impossible to get new loans. Since employers these days also check credit reports, it will be more difficult to get a job. After some time of non-payment of the loan, the lender will file a lawsuit against you in state court to garnish your wages. The lenders then get more money out of your paycheck before you see it; the amount that is taken depends on state law. Suffice it to say, you should not default on student loans. Given that these loans are not dischargeable, it is not possible to get rid of them in bankruptcy (unless you die or are disabled).


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