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Avoiding Delinquency and Default

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We understand life sometimes takes unexpected turns, and challenging situations come up when we least expect them. If you're experiencing problems making your loans payments, please contact us.

Our representatives can help you by identifying options and solutions, so you can make the right decision for your situation.

When Your Student Loans are Considered Delinquent

Delinquency occurs when you don't make your monthly federal or private loan payments on time. Your loan is considered delinquent when payment has not been made on the day it is due.

Being delinquent on your federal or private loans may be a serious situation that might lead to long-lasting or permanent consequences to you as the borrower, or cosigner.


Consequences of Delinquency may include:

  • Delinquency can be reported to consumer reporting agencies, which may impact your credit score.
  • Increase in your loan balance may occur with the addition of late fees and other charges.
  • Potential loss of your loan benefits/repayment incentives.
  • Loss of your entitlement to deferment or forbearance options on federal loans.
  • Loss of your entitlement to forbearance options on private loans.

When Are Your Student Loans Eligible for Default?

  • FFELP – When the loan reaches 270 days delinquent.
  • HEAL – When the loans reaches 151 days delinquent.
  • Private Credit – Refer to your promissory note.

Defaulting on your federal or private loans may result in serious consequences that might lead to a long lasting and harmful impact to you as the borrower or cosigner.

Consequences of Default may include:

  • Defaulted private loans may be reported to consumer reporting agencies as charged-off and may be reported for up to 7 years from the first date of delinquency.
  • Once a loan is declared in default, the lender can demand the balance be paid in full immediately, including principal balance and accrued interest.
  • As allowed by your promissory note and applicable law, your student loan debt may increase because of late fees, capitalized interest, collection fees and other costs associated with the collections process.
  • Federal loan guarantee agencies may garnish your wages or offset your state and federal tax refunds and other payments made by the federal government to you. This means they can take your federal and state tax refunds or a portion of your disposable income.
  • Federal loan guarantee agencies may also report your loans as collection accounts to consumer reporting agencies.
  • If you default on your federal loan, you may lose eligibility for additional federal student aid and repayment options such as income-driven repayment plans, deferment and forbearance.
  • Defaulted loans may be referred to a third-party collection agency for continued collection activity.

Contact Us so we can provide you with options in resolving your delinquency and help you in making the right decision for your situation.