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Finance Office
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 service; costs associated with the collection of any loan will be added to the amount owed