What would happen if I default my student loan?

I am currently pursuing my B.SC in geological science from Purdue University. I have taken Emergency Student Loan No Cosigner of 50,000 US dollars. I am in the final year of my course and the payment of the loan amount would in six month’s time. I just want to ask what would happen if I don’t pay the loan and default it.

170 day ago

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Answers (1)

razzy1

Defaulting any kind of loan be it your Emergency Student Loan No Cosigner or any other payday loans is a serious offence and you can be put behind the bars as well. You would be facing criminal prosecution on the charges of not paying up your student loan. You may face an imprisonment up to 1-3 years. As a result of which you would have to incur a lot of money on the legal battle that would be fought in the court to get you out of the jail. All in all a major sum of money would be involved in the criminal procedure and lot of hassles would be involved. The end result would be that the amount that can be utilized for paying your student loans would be wasted in the criminal procedure. So, it is absolute foolishness to think about getting your student loans deferred.

Posted 170 days ago

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