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).

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

While all student loans must be repaid, each type has its own unique repayment terms:

• Federal Stafford Loan
• Grad PLUS Loan
• Federal PLUS loan
• Federal Consolidation Loan
• Health Professions Student Loan
• Nursing Student Loan

• Stafford student loans have a 6 month grace period after you leave school
• Stafford parent plus loans do not have a grace period and payments are due after the last disbursement
• Stafford graduate and professional loans do not have a grace period and payments are due after the last disbursement

• 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