What will happen if I dont pay back my college loans? I just graduated college with business degree.

Question

I cant find work right now.

Answer 1

Please tell me you have applied for a deferment on your loans. If not we'll start at the bottom,

it will be even harder to find a job - especially jobs that do a credit check

you will not be able to get a place of your own, rent or purchase, they do a credit check

you will not get good finance rates on anything, if they give you anything at all -- car loan, credit cards, cell phone, utility companies, etc.

difficulty joining a credit union, they do a credit check

IRS will come for their money one way or another, if they don't get it from you, they will get it from what you own, and if you don't own anything of value, they will take it from your co-signers on your loan, most likely your parents.

Answer 2

Eventually it will go into default.  They will contact you night and day on any of the numbers that you provided on your application.   They will send collection bills to your addresses.  Your credit score will go down making it hard to get financed for houses, cars, etc.  or get credit from stores or companies such as visa, mastercard, etc.   They may garnish your income tax or put a lien on future property. The interest will accrue and if not paid eventually will double or even triple the original amount.

Answer 3

You usually have six months after you graduate.  Even then, they wll work with you.  

Answer 4

If you dont pay it back your name might go to the credit agency and possibly end up with a bad credit rating.    HINT!

Correspond with the agency that you delt with to get thoese loans and explain to them your situation. That shows them that your trying to make an effort, that buy's you more time to pay it back.

                                    Good Luck

Answer 5

it will mess up your credit.

Answer 6

It  will come  up when you  file  taxes,  make  arrangements for payments with  them.  They will take  percentage of  refund.  Have  you  tried  Wal Mart or other  big  businesses.