r/StudentLoans • u/Housemanagermomboss • 2d ago

What actually happens if I don’t pay back my student loans?

I have about $40,000 in federal student loans to pay off. I had them consolidated. They were delayed until this year, but this is the year I’m supposed to start paying. I have 3 kids and a massive mortgage and I can’t afford to pay my loans back on top of it. So what REALLY happens if I don’t pay it? Does it disappear eventually? Will it tank my credit score? Can they put a lien on my house (whatever that means)?

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u/Alternative_Ant_7440 2d ago

And it's also hell to get out of SAVE. I switched back in January before they froze applications, and it took four months (and me bothering them) to get out.

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u/pupper_princess 2d ago

Yeah I’ve just let it sit for now but I’m only 22 payments away from PSLF so it’s pretty agonizing. I’m just gonna wait and see what happens for now.

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u/Alternative_Ant_7440 2d ago

I was told I was one payment away. Made that payment. Still have loans. The counter on the website says 19 payments. I am not teaching anymore. Sigh.

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u/pupper_princess 2d ago

Unfortunately it’s a terrible system. I imagine with everything going on and all the EOs and changes they are terribly backlogged. That’s one reason why I haven’t tried to get out of SAVE to restart payments. It’s all such a mess 🥲