Don't Default

You've made a commitment to yourself and your future. Be a responsible borrower, loan default has serious consequences:

• Your entire loan balance (principal and interest) will be due in full immediately.



• Your college records may be placed on hold.



• You'll lose your student loan deferment options.



• You won't be eligible for additional federal student aid.



• Your account may be turned over to a collection agency and you'll have to pay additional charges, late fees and collection costs, all of which become part of your debt.



• Your credit rating will be damaged for several years because defaulted loans are reported to national credit bureaus.



• You'll have difficulty qualifying for credit cards, a car loan, a mortgage, or renting an apartment (credit checks are required to rent an apartment).



• Your federal and state income tax refunds can be withheld and applied to student loan debt. This is called a tax offset.



• You may have a portion of your wages garnished (withheld).



• You may not be able to obtain a professional license or get hired by an employer that performs credit checks.