What to do if I have a student loan to pay off but I don’t have the money to pay?

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What to do if I have a student loan to pay off but I don’t have the money to pay?

I think that its a private loan. Can they take me to court? Could I possibly go to jail because I can’t pay them right now? Do they have the right to garnish wages?

Asked on January 3, 2013 under Bankruptcy Law, Texas

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

More information is needed here but yes, they can take you to court and if you default they can obtain a judgement against you and garnish your salary, etc.  What you need to do is to see if you can defer the loan or modify at this point.  Call them and negotiate and see if you can lower the monthly payments.  Don't worry about jail.  Good luck.


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