If you fail to make loan payments for an extended period your student loan may default.
This not only affects your credit score, you can easily be subject to wage garnishment.
The United States Department of Education and guarantors are authorized to garnish 15% of a defaulted borrower’s wages. The loan holder does not have to sue the borrower first.
A private lender can sue in order to collect the loan and there is no time limit for that.
