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What are the consequences of not repaying a student loan?

∗ You will be reported to a credit bureau having a negative effect on your credit rating.
∗ You can be referred to a collection agency and have to pay collection costs.
∗ Your employer may garnish your wages.
∗ The Internal Revenue Service may withhold your state and federal income tax returns.
∗ The entire unpaid amount of your loan, including interest may become due and payable immediately.
∗ You will lose your rights to deferments.
∗ You will be ineligible to receive any additional federal or state financial aid.

Posted in: Loan FAQs