Many of your reading this post right now have probably attended college, and like most students out there, you probably couldn’t afford to pay your tuition in full, and who could at that age?  Unlike many other debts, you’re always required to pay off your student loans from the day it starts.  You’re just not going to get away from them.

So, what happens when you don’t pay off your student loans?  There are a number of consequences that you’re most likely to face, but it’s always good to know them before you decide that you want to ignore your loans.

Your credit score is going to drop

This one is obvious, and when you don’t pay a bill that you owe, your score is going to drop.  What is so important about your credit score?  This is the score that’s going to determine your rate on future home mortgages, auto loans, and more.  With a poor score, you’re going to find that you won’t be able to get the things that you want in life such as those big ticket items.

They won’t go away

Student loans won’t go away, and yes, they are protected in bankruptcy court.  Look at your balance now, because this is what you’re going to pay the rest of your life, so you better find ways on how to pay it.  If you’re having troubles right now paying them back, contact your lender, and see if there’s something that they can do so that you can pay them back again.

Your wages will be garnished

If you’re working a job right now, the lender will have every right to dip into your paycheck, and take what they need for the loan.  They obviously won’t take the whole check, but rather a certain percentage.  Remember that in today’s society, you’re going to need a good credit score in order to get a job.  A good score means more than just getting a decent mortgage.

A student loan is different from your credit cards, and mortgage.  With those, you can default, they take their house back, or they write it off.   A student loan is different because you obtained knowledge, rather than something that’s physical.  If you’re in trouble with a student loan today, I highly recommend you find help.