What happens when you default on your private student loans?

I have several federal and private student loans with SallieMae. My degree is worth nothing in this economy and I can't afford to go back to school. I couldn't afford college to begin with, which is why I have student loans. I don't qualify for any programs and anything that SallieMae offers as assistance costs more than my actual loan payment. I know that since I've stopped payment I will receive penalty charges and will, eventually be reported to the credit bureau until the account is balanced. Then, after 45 days, my imaginary wages will be garnished. Then, if/when I default, I will be subpoenaed by a judge. Can anyone give me a step-by-step of the possible scenarios (best and worst case) that I may face after defaulting? I don't own any property and I am worried that they'll find a way to take my parents' property. I wish I never went to college.