People are being arrested for not paying their student loans
We’ve written about the consequences of not paying your student loans, such as having your wages garnished and your credit damaged.
But it turns out the repercussions could be much higher.
Man arrested for 30-year-old student loan
According to the NY Daily News, a man in Houston was recently arrested by seven U.S. Marshals armed with automatic weapons for not paying a $1,500 student loan from 1987.
Paul Aker said he didn’t receive any notice or warning before being arrested for the overdue loan, which he received when he attended Prairie View A&M University.
He was ordered to pay $5,700 for the loan, including interest.
Debt collectors going after people with student loans
Texas Congressman Gene Green says the federal government is now using private debt collectors to go after those like Aker who owe student loans and are asking judges to have the US Marshals Service arrest those who have failed to pay.
This means that borrowers who have fallen behind on their student loans may be in danger of facing a similar situation.
In fact, U.S. Marshals in Houston are planning to serve up to 1,500 more warrants to people who have not repaid their loans, according to Fox 26.
According to Yahoo! Finance, if you ignore your student loan bills long enough, your loan servicer can sue you in civil court.
This is what happened to Aker–his arrest was a result of failing to appear in court about the loan.
How to get out of student loan default
Even if you’re behind on your student loans, there are legal ways to resolve the situation and get back on track.
Switching to a student loan repayment plan that allows you to afford your monthly payments is key and can help you get out of default.
Student loan refinancing is another great option for borrowers who want to save money on their loans and lower their interest rate.