SongVault Artist Profile

The consequences can be significant when you default on a private student loan. Firstly, your credit score takes a hit, making obtaining future loans or credit cards difficult. Secondly, the lender may pursue legal action, seeking repayment through wage garnishment or bank account seizures. The outstanding balance may also accrue interest and collection fees, increasing the overall amount owed. Finally, defaulting on a private student loan can strain personal relationships and create financial stress.