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Discuss Credit Repair | Credit Firm's answer to: What happens if I have received loans but cannot finish my program?

If you cannot pay back the loan, the lender will report late payments on your credit report. Then, after 3-6 months, they will charge-off the loan. After, they will sell the account to a collection agency who will try and collect on the debt. Finally, the collection agency may decide to sue you and put a court judgement against you.

 

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