You will ruin your credit. Your loan will balloon to a huge number, with the increased interest rate you get, plus fees and penalties - I've seen k loans go up to 0k, so this is not something to be trifled with. They will ornamentation your wages - I've seen them take over half a person's paycheck. They will take your wage tax refunds. They can, and will, even take your social protection once you're old.
In addition, if your loan required you to have a co-signer, such as your parents, they'll go after Them. This will ruin their credit, etc.
Students Loans Gov
It is, in other words, very bad news. And student loans can't be discharged via bankruptcy, so you precisely can't get rid of this debt.
Talk to the loan company. See if you can do something. Your options contain extending the life of the loan from 10 to 30 years, to bring the cost down to a level you can handle. Putting the loan in forebearance due to economic hardship. Etc. All of these choices have repercussions, but these options are far best than default.
Another option, if you had a co-signer such as your parents, is to talk to them and see if they can whether take over your payments for now, or else split them with you. Again, as your co-signer, they are on the hook for this loan should you default.
The obvious ones:
Garnished wages
Loss of wage tax refunds
Loss of time to come student aid
Destroyed credit
Fines, fees, increased interest rate - normally doubling or tripling the estimate owed on the loan
"Legal action"
Less obvious ones:
If you have a "professional license" (nursing, etc) you can lose it
If you work for somebody that receives federal funds (hospitals, schools) you can lose your job
Inability to be hired for any sort of government job
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