What happens if you graduate with tons of student loan debt but cant find a job?
There are 3 suggestions to question “What happens if you graduate with tons of student loan debt but cant find a job?”
There is a six month grace period prior to you having to pay it back. If it is federal loans you can put in an application to have it deferred until you get a job. It’s not going to go away, but they will accomadate you while jobless.
Happens all the time. It’s called: "being SOL"
Join the military for only 4 years and that all goes away…?
Then after many months of not paying on them the loans will go into "Default". Default is a horrible thing because it means that the lender can hike your interest rates and add on all kinds of fees and penalties to your loan. Once in default, your income tax returns will be seized and your wages will be garnished. You’ll not be eligible for any kind of federal or state financial aid for as long as your loans are in default and your credit will be decimated. No hopes of buying a house or a car.
Student loans NEVER go away. You can’t declare bankruptcy on them and since its the government, even when you are old, grey and retired receiving social security benefits, they can garnish that too.
Find a job after graduation, ANY job and DON"T let your loans go into default. Loans totaling 30,000 and going into default could EASILY grow to a debt of 90,000 or more depending on how long you let it go.
There is a six month grace period prior to you having to pay it back. If it is federal loans you can put in an application to have it deferred until you get a job. It’s not going to go away, but they will accomadate you while jobless.
Happens all the time. It’s called: "being SOL"
Join the military for only 4 years and that all goes away…?
Then after many months of not paying on them the loans will go into "Default". Default is a horrible thing because it means that the lender can hike your interest rates and add on all kinds of fees and penalties to your loan. Once in default, your income tax returns will be seized and your wages will be garnished. You’ll not be eligible for any kind of federal or state financial aid for as long as your loans are in default and your credit will be decimated. No hopes of buying a house or a car.
Student loans NEVER go away. You can’t declare bankruptcy on them and since its the government, even when you are old, grey and retired receiving social security benefits, they can garnish that too.
Find a job after graduation, ANY job and DON"T let your loans go into default. Loans totaling 30,000 and going into default could EASILY grow to a debt of 90,000 or more depending on how long you let it go.