Emory & Henry College: Student Loan Default

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Consequences of Student Loan Default

Before you miss a single payment, contact your lender to determine if you qualify for an economic hardship forbearance or other forbearance or repayment option to help you better manage your loan repayment.

You received a notice about non-payment of your student loan?

Do Not Wait!
Contact your lender immediately to avoid delinquency or entering default and having your loan go to the guarantor or the U. S. Department of Education for collection. You may still be able to arrange a forbearance or deferment if you act now.

If you default on your student loan, federal regulations require your loan guarantor to:

Send a bad credit report on your account to these national credit bureaus:
Start formal collection activity on your account
Turn your account over to a collection agency if they are unsuccessful in collecting your account
Add collection costs, including attorney's fees, to your loan, increasing the total amount you owe (up to 22%)
Garnish your wages

In addition:

Your federal income tax refund may be seized in an effort to satisfy your student loan debt
Your loan could be transferred to the U.S. Department of Education for collection
You may lose a professional license, such as legal, medical, nursing, teaching, etc.
You lose eligibility for future student financial aid under the federal programs
You lose your right to deferments or forbearance until you rehabilitate your loan.

Not sure who holds your federal student loan? Go to the National Student Loan Data System (NSLDS) at www.nslds.ed.gov and using your FAFSA PIN access your record. Cannot remember your PIN? Go to www.pin.ed.gov to request a duplicate.