What happens if I dont pay back financial

[JuLzZz]

aid? I applied for federal (not state) financial aid and got it. I started going to my classes for a little, then had to stop to help my family and work full time. Now they're asking for $540 back. Now i'm in another state, wanting to go back to school, but I know I cant get federal financial aid.. Would I get sued? Will my credit go bad? And if I try to pay it back, how much would it be monthlly.someone help me out on this

[serious]

Defaulting on your financial aid loan can affect your credit score and your ability to get approved for loans and credit cards. Your credit score is important if you later need to buy a house, or in some cases, even rent an apartment. It may even affect your chances for employment at certain companies. That said, your chances of getting sued for $540 are pretty close to zero. You should contact your financial aid office or financial aid lender to work out a payment plan. Almost all lenders will prefer that you make a partial payment rather than default on your loan. They might waive a portion of your payment if you can stick to a regular payment plan. For example, if you can make 9 payments of $54 on time, they may waive the last payment. Even if you have to pay back all $540 of the loan, it will work more to your advantage in the future to have this student loan payment taken care of now - so as to not affect your credit history.good luck.

[dennis h]

Sue you might properly cost them more than just $540, so I think they will not sue you. Moreover, you should discuss about your current financial difficulties with the money lender and find a solution like a easy payment plan. No worries, everything will be fine. :) Best of luck!

[JRM]

The $540 has to be paid to your school. Until it is paid your school will probably withhold the release of any academic transcripts which you will need to provide to any new school you attend and possibly to a future employee. Also, the school can turn the collection of these funds over to a collection agency who will hound you until it's paid back. Plus, you could be reported to the credit agencies which will hurt your credit rating. Do not ignore this payment. Call the school and work out a payment plan with them to get this money paid off. It will save you a lot of problems down the road!

[Gypsy Girl]

You can make payment arrangements for whatever you can afford. If you don't pay it back, they will take your tax refund every year until it is paid plus interest.