⛓️ How much would defaulting on your student loans cost?

Finn

This calculator provides a sobering look at the immediate financial consequences of defaulting on student loans, factoring in collection fees and potential wage garnishment. It completely overhauls its original template to deliver a focused, useful tool for a stressful situation. You'll notice some leftover text about emergency loans in the descriptions that you can safely ignore. Keep in mind that while the default 25% collection fee is standard for federal loans, private lenders may have different penalty structures, so you'll want to adjust that input based on your specific loan type.

Reviewed v26.8.0