|
|
Repaying Your Student Loan
Repaying Your Student Loan
Unlike the grants and scholarships that you may have
received as part of your award package, a Federal
Stafford Loan comes with fees, accrues (or collects)
interest, and must be repaid.
In fact, you must repay your loan even if you have
failed to complete your degree, are unhappy with your
education, or can't find immediate employment after
graduation.
If you are late with just one payment - or simply miss a
payment - you will be considered delinquent and you may
incur late fees. If you stop making Stafford Loan
payments altogether, you will be considered in default
after 270 days have passed with no payment.
Default is serious and may come with these consequences:
-
Your credit rating will be negatively affected for
years.
-
The entire unpaid amount of your loan (including
interest) will become immediately due and payable.
-
Your wages may be garnished.
-
Your federal and state income tax refunds can be
withheld.
-
You will get calls from bill collectors and you may
be subject to litigation.
-
You will be ineligible to receive any other federal
aid in the future.
|
|
|
|
 |
|
|
