Question about what will happen if I can’t pay back my student loans :
I have yet to get any job after graduation. I’ve already started paying back student loans, but I will soon be completely broke. What will happen if I can’t pay? I have no income, assets, entitlements, etc., nothing for anyone to take away. Will I end up going to jail?
Answer about what will happen if I can’t pay back my student loans :
You won’t go to jail. If they’re federal loans, you need to look into the different repayment options and the deferment options (private loans have their own rules). If your loan goes into default it will affect your credit score, which can affect your ability to rent an apartment, your ability to get a good job (many employers now run a credit check), your ability to qualify for a mortgage or a car loan, etc. In addition, your future wages could be garnished, you can lose your passport (or the ability to get a passport), and for federal loans – your tax refunds can be seized.
If you have federal loans – look into the repayment plans. If you don’t qualify for any of them, look into a deferment based on financial hardship. Look into getting any job right now (and you may already be doing this). You could opt to work 2nd or 3rd shift in order to keep your days open so that you can continue looking for a career related to your degree. Gas stations, nursing homes, and group homes tend to have high turnover rates with employees, so put in an application at these places. Good luck!
source here.
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