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Consequences
of Default
If
a borrower fails to repay his/her student loan on a
timely basis, he/she will be considered in default and
may encounter the following consequences:
- Reporting
to national credit bureaus, which may cause a
negative effect on the borrower's credit rating.
- Assessment
of late charges.
- Restriction
of access to institutional records.
- The
borrower may be ineligible to receive additional
federal or state financial aid.
- The
entire unpaid balance of the loan, including
interest, may become immediately due and payable.
- Placement
of the loan with an attorney or collection agency.
Costs associated with the collection of any loan
will be added to the amount owed.
- The
borrower may be sued to force payment and may be
liable for court and attorney fees if judgment is
not in the borrower's favor.
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