Last fall, The Wall Street Journal reported that nearly 7 million Americans had gone at least a year without making a single payment on their federal student loans. That means that roughly 17% of federal student loans are severely delinquent amid the student debt crisis.
Stories about how this staggering amount of student debt has affected people’s personal lives are constantly surfacing. Some people have even decided to put off buying a home/ raising a family due to their financial hardships.
Just recently, via Yahoo Finance, Business Insider lists the 4 horrible things that can happen if you default on your student loans, which includes W-2 Wage Garnishment, Social Security Garnishment, Federal Tax-Return Garnishment, and even Lawsuit.
You are probably already familiar with running the risk of your wages being garnished if you opt not to pay back your loans. But there’s a lot of people who aren’t aware of, perhaps, the most dangerous risk, and that’s being sued by the federal government.
Lawsuit is the government’s last option for collecting on a student loan. This happens if you’re not a W-2 earner, not receiving Social Security, and aren’t due back a tax return.
To avoid these types of risks, schedule your FREE information session with us today so we can help you prevent default or get out of default! Contact us: [email protected]
Degrees of Success offers a variety of services to help you manage your student loan debt, and is dedicated to your financial success! Be sure to view all our products and services at our site.
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