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The Consequences of Not Paying Student Loans

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In recent blog we discussed how debtors fail to manage their student loan debt, which is a very difficult thing to do without guidance and support. However this is a serious problem, especially because failure to pay of student loan debt could result in hard consequences.

Failing to pay off student loans could be more than financially crippling, one's driver's license could become suspended. 22 states, including our lovely, sunny Florida are cracking down and suspending driver's licenses of debtors who default on student loans.

Missing a student loan payment, even just one, will be recorded on your credit history for up to seven years. No one needs that or worse having your credit score severely damaged due to lack of payments on student loans. A damaged credit score will hurt you from getting loans in the future.

When one fails to pay of any debt, interest builds up. If student loans aren't paid every month interest will increase and your debt will become larger. Also failure to pay off loans could result in tax refunds being seized and wages can be garnished.

You won't be the only one hurt if you default on your student loans and have a co-signer on those loans. Your co-signer can be held responsible if you fail to pay off your loans and their credit score will be put at risk. Don't harm someone else by not paying off your debt; keep on top of payments and make sure you don't miss even one.

Paying off student loan debt is a difficult task for many but there are repayment plans and budgeting tactics anyone can follow to manage debt and get on track to a debt free life.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Work Cited:

Dash, S. (2015, April 6). The Terrible Consequences of Not Managing Your Student Debt Well. Retrieved

April 20, 2015, from http://www.huffingtonpost.com/stephen-dash/the-terrible-consequences_b_7014682.html?utm_hp_ref=debt

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