What happens if we not pay education loan

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What happens if we not pay education loan

Failing to repay your education loan can lead to significant repercussions. Depending on the loan terms, you might fall into default status, which could harm your credit rating and hinder your future borrowing opportunities. Additionally, the lender might take legal action, resulting in wage garnishment or seizing your tax refunds. It’s crucial to maintain an open line of communication with your lender if you encounter difficulties with payments and strive to identify a resolution before reaching the point of loan default. Remember, addressing the issue proactively can save you from potential financial setbacks down the road.