Student Loan Default

Once you default on a student loan, the options of deferment and forbearance go away. There is also no bringing the account current.

As per your promissory note, your entire balance becomes due in full upon default.

You can either consolidate the loan or rehab it -- both of which require payment.

If you don't pay, they're gonna sue.

No ....federal loans do not sue. Only private loans.

the way I see it, your pretty much judgement proof at this time. Your credit is already ruined, and if they sue, so what? what can they get? a judgement against you is about it, but its fairly worthless if you have no income or assets to take. dont worry about it, you have more important things to think of for now,, like a job and a home.

Since you obviously know nothing about student loans, giving advise is probably something you should not be doing.

Well, it is true....if he is suit-proof, what does he have to lose? I have noticed it stated in multiple threads that "they will sue". Talk about kicking someone when they are down. It might be part of the agreement that was signed, but it is most certainly unethical. Many of the people on here are students...if they are anything like my son, they have nothing that can be taken. My son has no assets at all, no checking account, and earns barely enough to pay his rent. (He is trying desperately to secure more lucrative employment, but that is difficult with no transportation and an unfinished degree). What do they get if they sue??

Nobody is suit proof. As I have said before, they are looking to the future....judgments last 10 years and more. It is not kicking someone when they are down....it is the reality of how private student loans work. They are just like normal consumer debt expect you dont pay while you are in school. I always advise people not to take them....go to a school you can afford and avoid private lending.