What happens if I just stop paying my student loan?
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- Опубликовано: 17 июл 2024
- Are you considering the possibility of ignoring your student loans? In this video, we uncover the truth behind what happens when you stop paying your student loans. Whether they are federal or private, the consequences are severe.
For federal loans, defaulting can lead to wage garnishment, seized Social Security benefits, and the loss of tax refunds. Job security may also be at risk, and settling rarely offers a favorable outcome. On the other hand, defaulting on private loans can damage your credit score and potentially result in lawsuits, including the possibility of liens on your home and frozen bank accounts.
So, join us as we explore alternative solutions to regain control of your financial future. Remember, seeking guidance from a financial advisor or student loan specialist is crucial before making any major decisions. Don't let the allure of ignoring your loans overshadow the smart strategies available to you.
ADDITIONAL READING
Want a deeper dive? Read our blog post on Discovering Student Loan Default: What to do available here: www.tateesq.com/learn/discove...
On How to Apply For Student Loan Forgiveness (2023) available here: www.tateesq.com/learn/how-to-...
And on How to Lower Private Student Loan Payments available here: [link.tateesq/private-student-loan-lower-payments](www.tateesq.com/learn/private...)
TIME STAMPS
00:00 Introduction
00:14 What Happens If I Just Stop?
01:48 Got Federal Loans? Do this.
02:13 Delaying or Reducing Options
02:25 Overseas Loophole
04:16 Outro
NEED HELP?
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CREDITS
Hosted by Stanley Tate
Produced by Marc Vilarnau
Edition by Ane Martin
Motion graphics by Marc Vilarnau
Copywriting by Emma Head
Color Correction by Bojan Ilieski
Sound Design by Eloi Caballé
#studentloans #studentloandefault #privatestudentloans #federalstudentloans #personalfinance #studentloanforgiveness
Whoever is reading this comment, I gotta tell you, Tate saved my LIFE!! He knows his isht!
Dude! Thank you again for trusting me and my team to get you sorted out. We're here for you.💪
...hold up?!
How on gods green earth do you only have 4K subs?
This channel is literally a diamond in the rough people!
They don’t have credit scores in most other countries
There should be a 20% reduction in student loans since we are having to pay 20% more in inflation for everything else, right? I mean that seems pretty fair
What if the school name on my loan is wrong, do I still have to pay it? I co-signed for my daughter, but it shows my old school which is out of business and I paid it off in 2016 her loan is in my name not hers, and it does not list her school only my old school although I cosigned for her.
The economy is f’d up due to greed, dumb rich peoples decisions, and AI taking over jobs making it less likely to even get a job that pays enough to eat, let alone pay student loans. I genuinely hate that I bought into the Uhmerican dream and went into dept for a piece of paper that didn’t really help me out in the end.
I don't care if I'm sued. What part of I'm always broke dont they understand I have squat nothing
I never paid anything because I can't afford to pay anything. Nelnet so stupid evil unfair I literally refuse to talk to them nor their folks for all eternity, I can barely pay a single light bill
I have paid off a portion of my student loan and still have $20k remaining. I am about to go back to Korea to live there (as I am a dual citizen). Does that mean I can stop paying altogether, considering I only plan to visit the U.S. for vacations?
You can always choose not to pay. The consequences you'll face depend on whether the loans are federal or private.
its federal, thank you so much for replied @@stanleytate
None of your advice works with my situation. I have a private loan that I decided to stop paying on. There is no “loop whole” for my situation. I’m fucked for life lol
Question I have this indian person calling me about my student loan and says I qualify for student forgiveness but it's like 40% or something like that I want to know how do you know if it real? is it a scam or is the education department? Federal Loans curently in default
scam
Its always a scam. Don't do it
how about just pay your bills? LOL
Why are lenders allowed to loan money they don't have but borrowers have to make real money and pay , it's a scam to steal human energy to favor banksters, I don't get debt so I don't enslave myself to the corrupt system