Anyone who defaults on a student loan faces serious consequences, such as wage garnishment, a ruined credit report, and sometimes even a lawsuit. Florida residents risk state penalties, as well.
- Your Florida professional license may be suspended.
- Any Florida lottery winnings may be seized.
- Your school may withhold your transcripts or other academic records. (See Florida Statutes § 1009.95(5).)
To learn about wage garnishment laws and restrictions in Florida, see the Wage Garnishment page at Nolo.com.
For help avoiding default, see What If I Can't Pay My Student Loans?
For information about rehabilitating defaulted loans, see How to Get Out of Student Loan Default.