If I default on my student loan which is substantial, what is the worst possible scenario that the federal government can hit me with? My only income is $730 per month social security as I'm retired.
Response: The federal government can garnish 50% of your Social Security benefits. However, you should look into the Ford Education Program for payment relief. From what you have posted here, you may be eligible for zero payment for the life of your loan. Click here for more information.