4 Answers

The taxpayers may have to pull for you, and pay your bills, you do not want that.  But Colleen hit it on the head with her answer. 

The Ramifications of Defaulting on Student Loans

1. Your tax refunds may be withheld and used for payment.


2. Part of your salary may be withheld if you work for the federal government.


3. You may be sued and taken to court for the entire loan amount.


4. You may be required to repay your debt under an income contingent repayment plan and thus repay more than the original principal and interest on your loan.


5. You will not be able to obtain additional state or federal student aid until you make satisfactory arrangements to repay.


6. You will be ineligible for deferments.


7. You may not be able to renew a professional license. 

You will lose my respect.

This really depends in what Country you are from if you are from the UK you will only student Loans if you earn more than £15,000.00 per year if you don't the interest just goes on it till next year but if me I would pay the interest every year this is what I do and still do though now I have to pay more because of my earnings are higher than the limit