Can a car that you own be repossessed for college loan payments that you owe? |
Any assets you own, including cars, can be seized if they win a judgment against you in court. Since they can garnish wages and offset tax returns without taking you to court, those are the most common methods of collecting.
Answer
No, they cannot take your car for college loan payments. They can, however, potentially have money taken directly from your pay and/or garnish your tax refunds. Your best bet is to try and resolve your account with the loan company. If you have defaulted, ask them about consolidating or rehabilitating your loan. If you haven't defaulted, there are many lower payment options, deferments and forbearances that may be able to assit you.
Regards -Cicily
You can get assistance with the consolidation of your loans through www.defaultms.com
First answer by Studentloanguy. Last edit by Studentloaner. Contributor trust: 9 [recommend contributor]. Question popularity: 172 [recommend question].
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