Repercussions For Defaulting On A Student Loan
Defaulting on a student loan means you’ve stopped paying the loan for a certain period of time. Here’s what happens when you default on a loan:
- It could damage your credit score. This damage will stay on your credit report for 7 years.
- Your wages could get garnished. Your lender has the right to garnish wages for 15 percent of your disposable income.
