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Loan Default Status

If you are in default status, +it may be due to failure to make payments on your student loan, as scheduled according to the terms of your Master Promissory Note (MPN). The MPN is a binding legal document you signed at the time you took out your student loan. The consequences of being in default status are as follows:

  • You will not qualify for any more federal student aid.
  • Your entire balance of your student loan(s) can be due immediately.
  • You may not be entitled for deferment, forbearance, or repayment plans.
  • Your student loan(s) will be reported as delinquent to the credit bureaus. This will damage your credit rating.
  • Your refund from federal and state income tax may be withheld to collect on your debt from defaulted student loan(s).
  • Your debt from your student loan(s) will increase because of the late fees, interest, court fees, collection fees, attorney’s fees, and any other costs associated with the collection process.
  • Your wages may be garnished through your employer.

To learn more about your Loans that are in a default status and clear your default status, you may contact your school, go to www.nslds.ed.gov or call 1-800-433-3243 to resolve this issue.

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