College loans. Cant pay them and being sued.

Question

ok my son has federal college loans that he hasnt been able to pay for 2 years. he is now able to make payments but unfortunately he has been notified that he is being sued by the loan company. he called the lawyers office on the papers he received and told them he can now make payments. The man he spoke with was rude! very rude. He doesnt have $40,000 to pay off the debt. he is willing to make the payments and they told him it was to late for that. He owns nothing! no car,no home,etc. So if they sue him then what happens?? Cant get money from someone who doesnt have it so what happens???? any help would be appreciated. Thanks,

Answer 1

What company did he take out a loan with? I've never heard of a student being sued because he didn't make his payments. I know MANY students who don't make their payments and if anything, they are defaulting on their student loans and that does go on your credit record for a while. But usually, if a student is able to make payments, they make some arrangements with you. Frankly, the guy your son talked with was an a$$hole and I would ask to speak with someone else because it is never too late to make payments. Also, if your son defaulted and it goes on his credit record, it will be hard for him to get loans in the future or buy a car or house for some years but he'll survive. He DEFINITELY won't be able to take out any other student loans until he gets that one cleared up or comes to some agreement with the agency. But if he has nothing, they can't take anything, but if they really are suing, he could end up having his wages garnished.

Answer 2

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Answer 3

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