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Can student loan companies repossess or put a lien on your mobile home if you go into default on those student loans?
Wiki User
∙ 14y ago
In the US, student loan collection companies will garnish wages and keep tax return refund checks. They do not reposses homes or property.
A great program that started this past July 1 is the income based repayment plan. If you consolidate your loans, you can opt in for this repayment program. Your payment can be as low as $0 a month, based on income and # of dependants. You also have the balance forgiven after 25 years of repayment, even if you have hardly paid any of it.
If you want help with the consolidation of your loans, click on the link below.
Wiki User
∙ 14y ago
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You should review the documents you signed when you applied for the loan to see what rights the bank retained in the case of a default. You may also find some useful information at the link provided below.
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