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What legal action can government take on defaulted student loan?
Wiki User
∙ 12y ago
ONE OPINION:
Strange, but I was reading about this very subject in my morning paper!
You should read the terms and conditions of your loan agreement, be an honorable man about your debt - or at least a man, anyway - and make an honest effort to repay.
If you do not understand the terms and conditions -(though I suspect that somewhere in the documents you signed a clause agreeing to repay said loan within a certain time period ) contact an attorney and get his opinion.
Remember - should you ever be in a position to make a loan to anyone - and you still haven't lived up to your previous obligations - you have no right to expect anyone else to honor an agreement with you.
ANOTHER OPINION:
The government can get a court judgment against you, garnish your wages, garnish your social security income, and keep your tax returns.
If you want help getting out of default on your student loans, click on the link at the bottom of this text box.
Wiki User
∙ 12y ago
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Can you be sued if you pay something on a defaulted credit card?
Yes. If the account is not paid as agreed in the original contract the creditor can sue the debtor, but they ususally try to avoid legal action.
If you fail to return a car when the lease ends and they repossess is it legal for them to report this as a repo on your credit?
YES, its legal. The lease you signed was a legal contract calling for you to do certain things at certain times. You defaulted on those terms and the Lender is reporting that you defaulted.
What legal action can be taken with a defaulted payday loan?
The lender can sue for the amount of the loan (including interest and late fees), and any legal fees (such as court filing fees and attorney's fees). They COULD garnish wages and repo any collateral used to "get" the loan.
What legal recourse is there for the cosigner when the person that was cosigned for has defaulted on the loan?
The usual legal recourse for the cosigner when the person named as the primary on a loan has defaulted, is to make the payments on the loan. Then, the cosigner can take the person who defaulted to court to try and recoup some of the money they are out. If the loan was for a car, some states allow the cosigner to take possession of the car and sell it to recoup losses also.
What are policies?
endowment are for student that are not here legal endowment are for student that are not here legal
What is the average percentage withheld from tax refunds for defaulted student loans?
They can, and will, take the entirety of your tax return for any outstanding federal debt including student loans and prior year taxes. There is no legal requirement that they return anything to you owe other branches.
Is it legal for parents to borrow their child's government student aid to pay household expenses even if that child is not living with them?
No it isn't
What are Endowment policies?
endowment are for student that are not here legal endowment are for student that are not here legal
Why were the judges not trial for their action in Salem?
What they did was legal at the time. And besides, the judges were hired by the government to preside over the trials.
Is it legal to threaten aBorrower in Florida with legal or criminal action by repossession agents?
Legal action is permitted, criminal action is not.
What is the imminent lawless action test?
A legal test that says government cannot lawfully suppress advocacy that promotes lawless action unless such advocacy is aimed at producing, and is likely to produce, imminent lawless action
How can you register and make legal the car whose loan you defaulted on but which was never repossessed?
You'll have to pay off the bank and get the title cleared.
