What happens if you Cannot pay student loans

The fee can be as high as 6% of your late.If you are delinquent on your student loan payment for 90 days or more, your loan.If you do not, the federal government will forgive the remainder of your loans, but you will have to pay taxes to the irs on the amount of your loans that are forgiven.If you default on your student loan, that status will be reported to national consumer reporting agencies (commonly called credit bureaus), which may damage your credit rating and future borrowing ability.If you don't make your student loan payment or you make your payment late, your loan may eventually go into default.It's free to refinance student loans, and you may be able to decrease your monthly payment or pay off your debt faster with this option.

And you, like many americans, might be struggling financially.When you first miss a payment, your loan may be subject to late fees and penalties;If payment is 30 days late.The first day after you miss a student loan payment, your loan becomes past due, or delinquent.The warrant and arrest are for a failure to appear in court, not for a failure to repay student loan debt.Let your lender know if you may have problems repaying your student loan.

With federal loans, lenders can take multiple measures against you:If you don't make your full monthly payment within 30 days of your due date, your loan servicer will charge you a late fee.