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Default Aversion

In order to avoid defaulting on your educational loans it is an important responsibility of a borrower to stay in contact with the lender(s) and repay your education loan(s).

Repayment of your educational loans

Your loan is a debt you owe for your education, and you should treat your loan as you would any other kind of debt - for example, a loan used to buy a car or a house. As with any debt, you are responsible for repaying your loan - in full - even if you:

  • did not complete school
  • did not find a job in your field of study
  • do not feel you received the educational or other services you purchased
  • filed for bankruptcy

When do I start paying on my loans?
  • Subsidized and Unsubsidized Loans will have a six-month grace period that begins after you graduate, leave school, or drop below half-time enrollment before you are required to begin repayment. During this period, you'll receive repayment information from your loan servicer, and you'll be notified of your first payment due date. Payments are usually due monthly.
  • Direct Plus loans enter repayment once your loan if fully disbursed. However, if you are a graduate or professional student, your loan will be placed into deferment while you are enrolled at least half-time and for an additional six months after you cease to be enrolled half-time. If you are a parent borrower, you may contact your loan servicer to request a deferment while you or your child are enrolled at least half-time and for an additional six months after your child ceases to be enrolled at least half-time.

Contact your lender immediately when...
  • your mailing address, telephone number or name changes
  • if you withdraw from school, drop less than half-time or change schools
  • you are having trouble making your monthly payment