![]() But beyond this, the exact repercussions of failing to pay back your student loan rely on if they are held by the federal government or a private student loan. ![]() Many borrowers don't know What Happens if You Don't Pay Back Your Student Loans?įirst and foremost, if you don't pay back your student loan, it will hurt your credit score and make it harder for you to take a loan in the future again. This student loan debt now becomes one of the biggest issues that impacting the lives of students. As a result, more than 1 million student loan borrowers go into default every year. Making student loan payments on top of other financial responsibilities can be very hard. Student loans are the biggest financial burden that most young students are facing current days. ![]() What Happens If You Don't Pay Back Your Student Loans?
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