There are many types of government loans out there loans to go to school, to start a small business, and even to buy a house. It is considered a social service for the government to provide funding and financing to certain people in the community. World War II started the onslaught of social service programs to aid the people of the country. As time as gone on, these programs have been expanded considerably, much to the delight of the people they are helping. However, before anyone takes out government loans, it is important to understand exactly what they are getting into and what will happen if they default.
It is important to note the difference in government loans as opposed to conventional loans. For the most part, conventional creditors are limited as to what they can do to you if you default on a loan. This varies from state to state, but in Texas, a creditor must sue you to get any relief and, even then, most of your personal property is protected as well as your wages and retirement accounts. While some other states allow creditors to garnish your wages, this is fairly uncommon.
This is very much not the case when it comes to government loans. In fact,...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
