<prompt> Human: Now obviously I know this can have an affect on your credit and its never a good thing. But I guess Im just looking for more of an in depth response as to what the possible consequences are, other than dealing with a collections agencys harassing calls, etc. I just got a Christmas bonus, and its a very small balance 680 of two community college classes I had to drop when I took on my current job.  <response>: Hate to be that guy, but... just pay it. Its 680, not 68,000. If the payment is too high, talk to your lender and try to set up a payment plan you can afford. Do everything you can to keep it out of default, because defaulting on student loans will make your life hell. 