What should I do about student loans?
Fortunately, the federal government offers a variety of options for repaying your student loans, even after you’ve been in default. Ignoring the problem won’t make it go away, and if you do not take action to get your loans out of default, you could wind up facing serious consequences.
Credit Score
• Your credit rating will plummet, making it difficult for you to rent an apartment, secure a car loan, or qualify for a mortgage.
Access
• You will not have access to any further federal financial aid or to the government’s deferment, forbearance, and forgiveness plans.
Tax Refunds & Wages
• Any income tax refund you have coming could be garnished. Your wages could also be garnished.
Due Date Acceleration
• You could face “acceleration” – in other words, the entire balance of your student loan debt, plus any collections fees, will become due immediately.
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