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from:Student loan default can be defined as a student loan that has not had a payment made for 270 days or more. Before your loan falls into the default status, it will be considered delinquent, and your creditors will try and collect on the loan any way they can.
If you are trying to hide from your debt and cannot be contacted by your lender or their associates, it will be placed into the default status and turned over to a state guarantee agency or it will be placed in the hands of the Department of Education.
When this takes place, the entire amount you have borrowed becomes due and payable right away. Not just the amount you are behind on, but the entire amount you financed with your original student loan. This happens because the maturity date is accelerated due to your default status, and you agreed to this in your original terms of the student loan you took out.
Other consequences that go along with being in student loan default can include:
Being turned over to a collection agency so that they may try to collect the debt from you;
Your original amount borrowed can be increased to include
and costs associated with collecting the loan from you such as court costs and lawyer fees;
You can be sued for the full amount due at any time while in default;
Your wages can be garnished, leaving you with less money than you had originally planned on;
Your income taxes can be withheld for payment;
Your credit history will show that you have defaulted on your loans making it difficult to obtain any kind of financing in the future and possibly interfere with your ability to find someone willing to hire you;
You will no longer be able to receive any kind of financial aid until these loans that are in default are paid in full or you have made half a years payments on time;
You will not be able to receive any federal interest benefits of any kind if you allow your student loan to go into the default status.
In the end, you will have to pay back any amounts you have borrowed to finance your education. If you let your loan go into default, you will have to pay back the original amount plus up to 25% more due to the fees associated with collecting the funds from you.
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