What happens if someone defaults on student loans?

What happens if someone defaults on student loans?

BAD things.

I've gotten some email warnings about default recently.

haven't made any payments and quit school in like '13 I think.

Phone calls have slowed down. No garnishments yet, but the anxiety that my bank account could be zeroed fucking sucks.

They vote for Bernie.

like what?
You have definitely defaulted if you didnt defer by now, is it federal or private? Any specifics?

>like what?

Have you ever seen a meat stick getting crammed into a key hole?

both federal and private i'm pretty sure
maxed out what i could take for living expenses for a year or so. Probably not more than 30k total (original principle, dont even want to imagine what it is now)

I basically dropped off the face of the earth. They were blowing up my phone on the daily the first few years, probably '14-'15. Lots of letters that got trashed

I haven't looked at my credit, but it's probably garbage, had to beg a plead a case to get an apartment lease starting Jan '16 because of credit/employment history but got in.
Moved to another state mid-year and they didn't give me much shit, probably because I had good income.

I'll be around, let me know if you have specific questions

How did moving to another state affect your federal? Were you stopped in the airport?

just buy cryptocurrency so they cant freeze your money

more interesting question: what if millions of young americans default on student loans?

will it be like a sequel to that one movie with steve carrell and christian bale?

are you for real? No, I'm not on the run, I don't have any warrants out, my finances and credit is just shit.

I don't believe we have a debtors prison system active yet. That may be in the works with Trump's interdimensional chess, but nowhere near that point yet, just concerned sometimes that my bank account will be drained.

I keep a reserve of cash in case.

yeah this, just not sure how I'd cash out with no banking access if I lost it because of poor credit.

you can sell btc for cash on localcoins or at an atm

u get murdered

Honestly im $400k in debt, I wouldnt mind if ((they)) actually have secret death squads that off defaultors at this point,

Btc all day. And think of student loans as child support - cause that's what it feels like.

>400k wtf? are u a med student?
JUST

yup. I was doing well until some time last year I spend all my time freaking out over the loan and it affected my studies

> get pulled over
> ticket for speeding
> feds zero out your bank account
> wage garnishment starts
> cant make payment for ticket
> miss court cause car trouble
> warrent out for your arrest
> go to jail n lose job

Ya. Definitely not a debt prison.

your brain gets repo'd

Federal or otherwise?

The federal guys can put a lean on your wages and then if you haven't paid it back they will take your social security. You can't bankrupt them and they will find a way to win.

The private loans, well it's much easier to get out.

sorry op, you'll make it

What was your major?

Oh nevermind

Saw

I disagree.

You're completely fucked, OP.

poor argument, abysmal spelling
F-

You just get filed away with all the other poor people. Better luck next reincarnation loser

I don't know, are people gambling student loan backed securities on a secondary market?
>mfw I'm looking into this

Wow. I can't believe no one has an answer to this question on this board. cucked by cryptofags.

the answer is you CANNOT default on student loans. trump has actually rolled back protections on this in the name of better business. it is legally almost impossible to get student loans forgiven. even in regular bankruptcy.

if you don't pay, you just get cucked with interest until they have you by the balls.

this is common knowledge, i don't even have student loans

>proof of shills on /pol/
I fucking knew it.

school is horseshit anyways, keep doing 4 year undergrads while taking more loans, then youll never have to work

You don't man. Pay that fucking shit or get ready to commit sudoku

>Losing money off somebody you loaned to who is never gonna pay it back
>spending more money for no reason on a death squad

I have done a good deal of research on this. Because I have $50k of debt that I have not paid and am strongly considering defaulting.

At first the calls will start, they will basically treat it like a debt collection. After a year or two of that, they can start garnishing your wage. This takes some time, but with effort they can contact your employer and start taking wages. From what I can tell they only do this if you have big boy job, and not if you are flipping burgers or something. But bet your ass, if you are making $50k+ a year, they will contact your employer and garnish wages.

Beyond that, really not much they can do. It will definitely impact your credit badly, and could stop you from getting a loan.

I've also heard that after a lifetime, when it comes social security time, they will garnish a lot of your SS income.

I'm self employed so they cannot garnish, and IDK if I'll ever buy a home. If I do it will be because I marry, in which case hopefully the bitch has a great credit score and her credit info can make the deal happen. As far as losing SS income who gives a fuck, that thing will likely be gone by the time I am 65 anyway.

In my case, yes I fucked up and picked a meme degree and took out a big loan. But the system is a manipulative degree pushing slavery mentality that really fucks the youth these days. The universities and the loan creditors know exactly what they are doing and could care less about fucking a generation over. So fuck them.