Results 1 to 4 of 4
  1. #1

    Exclamation What Happens if You Intentionally Default on Your Student Loans

    My question involves collection proceedings in the State of: OHIO

    I just want to be prepared for what defaulting on my private student loans will be like.

    I assumed most of this debt in the days when private lenders were handing out student loans like it was no big deal. I was an irresponsible IDIOT and figured they wouldn't loan me more than they knew I could pay back...not really thinking about the bigger picture.

    To add insult to injury I filed for bankruptcy 2yrs ago (fully aware student loans would not be included and could not be discharged)but was unaware about the "fine print" in most private lender agreements that says they will automatically default your loan at the first whiff of bankruptcy...and I haven't even graduated yet (2 months to go).

    It is not my intent whatsoever to default on my private loans, but I already have several lenders in the process of doing so (due to bankruptcy). Not to mention that the first year after I graduate I'm pretty sure I won't be able to afford my $1200+ private student loan payment.

    So, I'm just trying to face the harsh reality of my REALLY BIG mistake and prepare myself for what could go down when I default on my private student loans. Please do advise.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,844

    Default Re: What Happens if You Intentionally Default on Your Student Loans

    If they're nondischargeable studnet loans, then they'll haunt you for a very long time. Your creditors can attempt to collect the money you owe. Default will seriously harm what's left of your credit rating....

  3. #3
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: What Happens if You Intentionally Default on Your Student Loans

    As you apparently have several years before you would even be able to obtain another discharge, if they were dis-chargeable, you would likely face court judgment and wage attachment way before that point.

  4. #4
    Join Date
    Dec 2008
    Location
    Calif
    Posts
    289

    Default Re: What Happens if You Intentionally Default on Your Student Loans

    There are people who move to Canada to get away from student loans. They will not follow you there.

    1. Sponsored Links
       

Similar Threads

  1. Student Loans: Can You Go to Jail if You Default On Student Loans
    By AOTS in forum Debts and Collections
    Replies: 20
    Last Post: 01-15-2013, 04:14 PM
  2. Student Loans: What Happens if You Choose to Default on Your Student Loans
    By Tomeka04 in forum Debts and Collections
    Replies: 2
    Last Post: 09-13-2012, 08:24 AM
  3. Student Loans: Garnishment After Default on Private Student Loans
    By djomo999 in forum Debts and Collections
    Replies: 3
    Last Post: 11-29-2010, 11:14 AM
  4. Student Loans: What Should You Do When You're About to Default on Student Loans
    By mindy25 in forum Debts and Collections
    Replies: 1
    Last Post: 11-18-2010, 12:36 PM
  5. Student Loans: Private Student Loans In Default
    By friggy31 in forum Debts and Collections
    Replies: 2
    Last Post: 10-17-2007, 05:11 AM
 
 
Sponsored Links

Legal Help, Information and Resources