What happens if you don't pay your student loans?

The clock is ticking for millions of Americans with student loans as repayment plans will soon begin for federal loan borrowers. But what happens if you can't afford to pay? That's the reality facing many people. And while several are anxious over the consequences of not paying their student loans, others have already made the decision that they simply aren't going to pay those bills once they restart.
Student loan interest will start accruing on September 1 and payments will restart in October. That means tough decisions for many borrowers, especially those in already-difficult financial situations. It might seem tempting to just continue not making payments, but the consequences can be severe, including a hit to your credit score and exclusion from future aid and benefits.
What happens if I don't make student loan payments?
Once payments restart in earnest, borrowers who can’t or don't pay risk delinquency and eventually default. That can badly hurt your credit rating and make you ineligible for additional aid and government benefits.
If you’re struggling to pay, advisers first encourage you to check if you qualify for an income-driven repayment plan, which determines your payments by looking at your expenses. You can see whether you qualify by visiting the Federal Student Aid website. If you've worked for a government agency or a non-profit organization, you could also be eligible for the Public Service Loan Forgiveness Program, which forgives student debt after 10 years.
Carolina Rodriguez, Director of the Education Debt Consumer Assistance Program at the Community Service Society of New York, emphasizes that anyone temporarily unemployed should be able to qualify for a $0 payment plan. And many others qualify based on income and family size.
“The repercussions of falling into delinquency can be pretty severe,” Rodriguez said. “The federal government can administratively intercept tax refunds and garnish wages. And it can affect Social Security, retirement, and disability benefits. Does it make financial sense at that point? Probably not.” #Money #Politics #StudentLoans
READ MORE: www.wcnc.com/article/news/nat...

[@alfonsosalinas3026]

She only owes $4,000 and is acting like the world is ending. Also she had money to start a business, but not pay her student loans? Cry me a river and go pay your debt.

[@kevinb8881]

I KNOW RIGHT!!!

[@DropoutJerome]

I only owe 1.5k but I ain't paying that back. F*ck em, and f*ck you

[@DailyTv22]

What is wrong with these people. I’m not going to pay her student loans for her through taxes.

[@DailyTv22]

@LARRYSEIPRODUCTSLLC1 nobody forced them to go to college. Nobody forced them to quit and drop out of college. And nobody else is responsible for paying off they’re debts. The decisions you make in life and the route you decide to take is up to you.

[@kingrobotnik6950]

@@DailyTv22the mind is a funny thing. It’s easy for you to sit here and say that but you’re not her and you don’t know her life. To her, she probably did feel forced to go. A metaphorical gun put to her head to go to college and get a job after. And if you don’t think that metaphorical gun doesn’t exist and hasn’t been that catalyst for many events throughout history, I got a bridge to sell you chief lol

[@TheChubbyd07]

Not a rhino or a donkey, but I’m sick and tired of seeing our tax dollars going over sea. I’d rather see the money going to the pockets of Americans than wasting away on some war..

[@rockrasheed7507]

WAIT!!!!! SHE ONLY OWES ABOUT 4000 AND CAN'T PAY IT OFF!!!!!!!!!! SHOCKING!!!!!!!!!!!!!

[@superkalafragilistic8289]

And she owns a biz

[@jjshow8572]

Doesn’t want to pay them. Same w ppl at my work. They waiting to have it cancelled but they laugh cuz they have enough in the bank to pay it off

[@Tangerinetaco]

She shouldn’t have been used as an example. Lots of people are in a frightening 6 figure debt situation.

[@meggrotte4760]

That's all she has. Damn I still have let twenty thousand to go and i've been paying off my loans for a long timeDamn I still have like twenty thousand to go and i've been paying off my loans for a long time

[@bradyhack2428]

These people are extremely stupid if they think they’re just ”NOT” gonna pay. They will take it one way or another and ruin your credit.

[@DropoutJerome]

Those greedy f*cks can go ahead

[@kingrobotnik6950]

Lol you really think these people care about credit. They’ve already made peace with their lifestyle. They’re either gonna live a life with sh*tty credit or be put in debtors jail and be taken care of on the taxpayers dime. Probably go out and hurt people after they get out. And don’t give me that fake pc bravado…

[@pj1643]

Budget and live under ur means…not above it.

[@kaykreatesbeautyartist]

Man they don’t pay us enough to pay our regular bills. Where are we going to “find” the money to pay this too? This is awful . If they truly want America to flourish or just function, tax the rich more, hold these greedy corporations more accountable, pay people living wages,and make housing actually affordable. The system isn’t working and if it’s not working no one benefits, the lower classes fund this country but if we don’t spend it falls apart. Like when covid happened companies truly took a hit . I hope to God we can get a positive outcome from this.

[@jragon9215]

Don’t most women find the money through divorce, alimony, and child solupport?

[@kaykreatesbeautyartist]

@@jragon9215 lol omg well I haven’t had that opportunity 😗

[@nivekmendez6376]

you are dumb why tf you took loans out in the first place dummy its a LOAN do you not know what that means. And se cond alot of yall barely even use that money for college yall ussualy use for rent or anything else that it was not intended for. Now yall gotta pay the consequences and Im happy for that. Always trying to live above your means instead of on them or under them. Budget and live under your means not above them silly fools.

[@superkalafragilistic8289]

You mean hold the universities accountable? I dont think taxing the rich will help us with student loans. We need to bankrupt these universities instead of having them (with the gov) to bankrupt students.

[@WADEPH33R3]

​@LARRYSEIPRODUCTSLLC1 you took those loans out no one else. you failed college? that's even more so your fault. stop expecting other people to fix your mistakes

[@Macil2018]

It shluld be illegal to issue the loans to people in the first place. An 18 year old couldnt get a loan for a $100,000 car, why on earth would anyone allow these companies to issue loans to someone with no credit history or financial sense at just 18 years old? Save up money for a few years during/after high school and pay your way through college. Stop giving these idiots (the lenders) what they want! The law isn't in your favor. Just because little Billy can't be a dentist or a doctor or a lawyer out of high school or goto their favorite college they've idolized their entire life (for whatever ridiculous reason) isn't going to kill them. They'll get over it. Find a general labor job or something and save for a few years. Stop buying school with money you don't have!

[@fernandovazquez7272]

Bro how tf can’t you not pay 4K

[@SzymczykProductions]

Lmfao you borrow X amount of money then say "not paying" thats theft rhey should be thrown in jail F these free loaders

[@jjshow8572]

Imagine if the Draft people with student loans first. Kinda scary but makes sense since they owe the government

[@ccloud3981]

You get to move in with mom and dad, cuz ur credit bad and u owe child support lol

[@Rob10288]

Get another job or two.... Pay what you signed for.

[@frankjones5770]

So ppl with their own business can't even pay them off? Smh

[@xxgoodnevil17xx]

Have you ever owned your own business? No it's very obvious. Margins are thin and hours are 24/7 because your effort directly correlates with income on top of you usually need loans or some form of capital as initial investment.

[@frankjones5770]

@@xxgoodnevil17xx I mean that would be implied by my question. But that's the goal for most think get one and you can " pull yourself up by your boot straps"

[@okieg8960]

@@xxgoodnevil17xx you ever thought that most places fail cause legit everyone has the sam ideas and businesses ideas. Like you have 20 restaurants in a line and all sell chicken while KFC is on the same street. Idiots

[@IrishMexican]

Imagine 45% of your paycheck being cut. If you eliminate student debt, you’d be wiping 45% of the US federal government income. Issues would become very dire for our nation.

[@MaliEndz]

It’s money they were barely getting to begin with the reason why feds fight so hard against relief is because all the private investors that bank on the working class and the poor. Its all predatory. People can barely afford to live yet they refuse to to offer any relief.

[@mrs.carter4775]

I paid off $83k of student loans back in December 2018 over 3 yrs. The government didn’t give me financial freedom, I gave myself financial freedom.

[@radicol]

We love that for you. Doesn’t mean that others can do that.

[@harris7960]

Yeah you probably make 6 7 8 figures

[@DailyTv22]

@@harris7960doubt she makes 7 or 8 figures maybe 6 figures but I highly doubt she’s making over 1 million dollars a year.

[@kingrobotnik6950]

@@radicolknow that’s right. Im sick of hearing this “pull yourself up by your biscuit straps” when others don’t think like you, have the same opportunities as you, got the same luck as you. These people don’t realize how lucky they truly are…

[@clipkut4979]

It just means that you have a high income/salary, and therefore whoever is the final consumer in your industry is paying a bloated price for you to get that. This contributes to the higher cost of goods/services. If everyone had such a high salary to be able to pay a debt that fast, all goods/services would be insanely expensive. So it can work for a minority of people but your example doesn't apply to most of society.

[@rl3810]

What are her minimum credit card payments each month, and if she didn't have them.would she be struggling? People have had 3 years and treated ot like a vacation.

[@johnashton4776]

I know people who haven't paid their student loans.

[@Davis2920022001]

My credit score is already 500

[@ariccai6527]

Click bait

[@Mavryck_Tha_Myghty]

“It’s out of my hands at this point.” Hasn’t been out of your hands once. You just didn’t prepare for what was coming. It was predicable for those paying attention.

[@natashatomlinson4548]

Not as predictable as your clueless remark 😉

[@pj1643]

@@natashatomlinson4548 Where in the history of loans has it ever been an individual doesn’t have to pay it back? Unless it’s a grant of some sort, it’s totally predictable that a student loan will have to be paid…it’s in the contract a student signs smh. There is a level of accountability borrowers need to have here.

[@DailyTv22]

But she invested the money in a business. Why just not pay off what you owe and get on with life if it’s only 4k. It’s not like she has 6 figures in student loans.

[@michaelh370]

We gonna need to take a hand for repayment, which one do you use less?

[@Armyreaper]

You owe the money; just pay it. You signed up for the debt so it’s your responsibility. Now if you want to talk about interest rate and actual cost is one thing, but straight up refusing to payoff student loan debt for 3 years during interest free Covid times is crazy to me. Why are you playing a victim whenever you had a golden opportunity

[@showmeyourdaleel6568]

Our country gives millions and billions away to other countries that hate us. Let’s do something for Americans.

[@jerzypopieluszko7524]

Lol wage garnishment i barley make any money ATM shoot mines 22 grand

[@Specialcowgirl69]

I went to nursing school and I applied for student loans but I was rejected and still I have no idea why. I ended up paying out of pocket. If I got student loans, I would feel that I have a responsibility to pay them back but after seeing how much money was Stolen through PPP loans and people are not being held accountable and the billions we sent to Ukraine. I feel that the government has a duty to help students out with student loans. Another issue is all these migrants coming over the border that are given free handouts when our own people can’t evenmanage daily living cost and a student loan repayment. I know it’s irresponsible to not pay your bills but I’m siding with the American citizens in debt for a college degree.

[@paulsaragosa371]

Ohno batman were in a jam yah tada hahaha bad Colby cheese 🧀

[@roberts6950]

It was clearly a mistake to let folks go without making payments on their school debt. It just makes people more entitled and enslaved.

[@DropoutJerome]

Eat sh*t

[@nivekmendez6376]

you had to ruin it

[@roberts6950]

She is not entitled to a free education. It’s very simple and it’s disgusting to see the entitlement of this generation.

[@natashatomlinson4548]

Thanks Republicans! Between this, Trump and a zillion other things you do to stick it to young working people you will be a footnote in history in ten years.

[@Mavryck_Tha_Myghty]

The reasons inflation has caught up to us: Mandates Lockdowns Printing exorbitant amounts of money. Sending billions of dollars overseas. Verifiably corrupt government. Pushes for increasing minimum wage. These things were not the result of a Trump presidency, my lost friend. These were the policies set in motion by democrats. Vote better, or buckle up.

[@notanomad9320]

So your willing to sell your vote? Why don't you just sign up for welfare so the government can take care of you forever?

[@nivekmendez6376]

believe it or no they did the right thing in this ocassion dummy

[@michaelh370]

Joe has had 3 years to right the ship from prior POTUS, what happened??

[@SzymczykProductions]

TRUMP 2024 AMERICA FIRST 🇺🇲🇺🇲🇺🇲

[@hustle.dinero]

1:35 😂😂