5 Things Dept. of Education Can Do If You Don’t Pay Student Loan

There are $1.2 trillion (that’s with a ‘t’) of student loans out there and growing at $3,000 per second!  Read this in a reputable book, don’t ask me for pin cite.

A student borrower is in default if you fail to make a payment for 9 months.

So, what can are 5 main things the Dept. of Education can do?

 

1. Keep your tax refund next year.

2. Garnish your paycheck without obtaining a court judgment (that’s remarkable!).

3. Take your federal benefits away (i.e. social security / disability).

4. Ask the state to revoke your professional license.

5. Sue you and collect by taking money out of your bank account and placing a lien against your real estate.

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