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Most students drowning in debt have contemplated not paying off student loans. Possibly not paying them at all. Just because, you know, with what money?!?!
Paul Aker owed just $1500 in student loans…but from 1987. That’s when the feds got involved.
Believe it or not, the US Marshals Service in Houston is arresting people for not paying their outstanding federal student loans.
Paul Aker says he was arrested at his home last week for a $1500 federal student loan he received in 1987. He says seven deputy US Marshals showed up at his home with guns and took him to federal court where he had to sign a payment plan for the 29-year-old school loan.
What Happens If You Don’t Pay Your Student Loan?
A Houston congressman explained that the federal government is now using private debt collectors to go after student loans. As a result, those attorneys and debt collectors “are getting judgements in federal court and asking judges to use the US Marshals Service to arrest those who have failed to pay their federal student loans.”
If you default on federal student loans you’ll likely have to deal with debt collectors, wage garnishment, you could lose your tax refunds and your credit will go in the toilet. This will make it impossible to rent an apartment, buy a car, get a credit card and own a home.
You don’t need this drama. Figure out a way to get it resolved as soon as possible.
[via Fox News]