Default is defined by federal regulations as "the failure of a borrower to make an installment payment when due or to comply with other terms of the promissory note or written repayment agreement".
Your loan payment is due on the 1st of each month.
When loans are 1 month past due, a monthly late fee of $8.00 is applied to each loan. A late fee will be added to all loans with a past due principal balance.
A late payment will have a detrimental effect on your credit history. The University reports to the 3 major credit bureaus monthly. For more information, please see the Credit Bureau section.
If your loan(s) goes into default and you are eligible for a deferment, your credit history will be updated to reflect the deferment but negative history will not be removed.
It is important to contact our office as soon as possible if you are unable to make a scheduled payment. We cannot help you unless we know there is a problem. Do not make the mistake of ignoring your loan.
For information regarding defaulted student loans, please refer to this page on the Department of Education's web site: http://www.ed.gov/offices/OSFAP/DCS/index.html