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
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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
13 июл 2024
