What Happens if you cant pay back a student loan. Due to low income?
I come from a poor background, and I decided to go to school. the student loans got so large that I new I couldnt pay them back. now I have payments due and i am still not making enought to pay them. What can I do. I have already consolidated them and still can’t afford them. What can I do. I am living paycheck to paycheck and can not find a job that will pay me more money. Some one please help me. I have already filed banckruptcy on everything else. And I can not still pay. What can i do?
Your only option is to repay… even a small amount, every month, until it’s paid off. Even if they complain and say you aren’t paying enough, they aren’t going to send any money back to you becasue it’s not enough. Consider taking a second job as well.
If you go into default, your wages will be garnished and your income tax refunds will be seized. don’t ever take out a loan you “know” you can’t pay back.
