What is student loan forgiveness?

What is student loan forgiveness?

How do I qualify for public service loan forgiveness?

How do I qualify for public service loan forgiveness?

What if I am having trouble paying back my student loan?

What if I am having trouble paying back my student loan?

What happens if I do not pay back my student loans?

What happens if I do not pay back my student loans?

What should I do if I have defaulted on a student loan?

What should I do if I have defaulted on a student loan?

Are there any other cases in which my student loan can be discharged?

Are there any other cases in which my student loan can be discharged?

Will I be responsible for my student loan if I become disabled?

Will I be responsible for my student loan if I become disabled?

How will declaring bankruptcy affect my eligibility for future student loans?

How will declaring bankruptcy affect my eligibility for future student loans?

Can student loans be dismissed through bankruptcy?

Can student loans be dismissed through bankruptcy?

What should I do if I have defaulted on a student loan?

What should I do if I have defaulted on a student loan?

What happens if I do not pay back my student loans?

What happens if I do not pay back my student loans?

What if I am having trouble paying back my student loan?

What if I am having trouble paying back my student loan?

How do I qualify for public service loan forgiveness?

How do I qualify for public service loan forgiveness?

What is student loan forgiveness?

What is student loan forgiveness?

After I have submitted my consolidation application do I continue to pay my current loans?

After I have submitted my consolidation application do I continue to pay my current loans?

How do I go about consolidating my student loan?

How do I go about consolidating my student loan?

Are all student loans eligible for consolidation?

Are all student loans eligible for consolidation?

When should I consolidate my student loans?

When should I consolidate my student loans?

How do interest rates affect student loans?

How do interest rates affect student loans?

How do I know if I qualify for borrower benefits?

How do I know if I qualify for borrower benefits?

What are student loan borrower benefits?

What are student loan borrower benefits?

How do I find out what company holds my student loans?

How do I find out what company holds my student loans?

What is the difference between a deferment and forbearance for student loans?

What is the difference between a deferment and forbearance for student loans?

Do student loans affect my credit?

Do student loans affect my credit?

Can I pay my student loan back early without penalty?

Can I pay my student loan back early without penalty?

Do I have to pay the full amount due on my student loan each month?

Do I have to pay the full amount due on my student loan each month?

How long do I have to repay my student loan?

How long do I have to repay my student loan?

When should I start repaying my student loan?

When should I start repaying my student loan?

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Justin Draeger

Spokesperson, National Association of Student Financial Aid Administrators

www.nasfaa.org  

Justin Draeger is Assistant Director for Communications with the National Association of Student Financial Aid Administrators (NASFAA). Prior to joining NASFAA, Justin worked as the lead analyst for the Michigan Guaranty Agency. Justin began his career in student aid 10 years ago working as the financial aid administrator for the Douglas J Aveda Institute in East Lansing, Michigan. Justin earned a Bachelor’s of Science Degree in Resource Management from Brigham Young University and his MBA in Finance from Baker College. He has presented at several conferences in both the financial aid and business management fields and continues to publish nationally. Justin has been tapped for his expertise on student financing by CNBC, Fox Business News, The New York Times, Wall Street Journal, Boston Globe, Kiplinger, Business Week, National Public Radio, and more.

What happens if I do not pay back my student loans?

Justin Draeger with the National Association of Student Financial Aid Administrators explains the penalties associated with not paying back your student loans.

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Host: What happens if I do not pay my student loans?

Justin Draeger: If you go for prolong period without paying back your student loan if you followed the link for several months. Your loan will go into what is called default status, that means your loan provider is so belong to a guarantee agency or the US Department of Education. Those entities will seek to get payments from you through collections and that means that you will be receiving collection calls from collection agencies.

They can also garnish your wages or take future tax refunds. Student loan default is in nobody's interest. If you are in student loan default, you also will not be able to partake in any other Federal Student Aid Program that means the Pell Grant or any other type of loan. It also ruins your credit history. For the loan provider they also do not want to see you go into default. If they have a student that's gone into default, they get reimburse from the government, but at a lesser amount than they would have received had you been a successful student loan borrower who repaid their loans.

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