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What happens if you don't have money to pay back a school loan?
Wiki User
∙ 12y ago
Get call/write the lender. You can lower payments, get a deferment, or consolidate loans. They will put it to collection and you don't want that. They can take your tax refund, social security payments, garnish wages, and ding you on the credit report. You can not discharge a student loan in bankruptcy. Work with your lender before you have some of the above happen.
Wiki User
∙ 12y ago
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