Put aside what you think about this news, this is likely going to happen as the admin doesn’t care about legal challenges, they just implement policies.
I own my home, fixed rate mortgage, and I own both of our cars with no remaining payments. From my understanding, should I cease payments on the loan (they are privately owned debts) I can be sued for the debt and then wages garnished. My credit score will also suffer from a default, but again I own everything I have or it’s on a fixed rate.
What does this process look like, and what are the tangible consequences for me?
Thank you for the break down. I do not have any loans, only my spouse, some federally backed (mohela) loans and some privately owned. We are not on income based repayment plans, and am currently paying them down at current rates.