Loan Default

Can’t make your payments? – Click HERE

What is default?

If you have Perkins Loans, default occurs if you do not make a payment when due or do not comply with the promissory note’s other terms. For Federal Stafford or Federal Direct Loans, you are in default if you are 270 days late on making a payment.

Default has SERIOUS consequences:

  • The entire loan balance (including interest) can be immediately due and payable.
  • You will lose your deferment options.
  • You will not be eligible for additional federal student aid.
  • Your account might be turned over to a collection agency, causing you to pay additional charges.
  • Your account will be reported to national credit bureaus, and your credit rating can be damaged.
  • Your default will remain on your credit report for up to seven years, making it difficult or even impossible to receive credit card offers, take out car loans, and be eligible for mortgages during that time.
  • Your federal income tax refunds may be withheld and applied toward your loan repayment.
  • Your employer, at the request of the loan holder, may garnish part of your wages.
  • You may be unable to obtain a professional license in some states.

Contact your lender as soon as you think you may have trouble making payments. There are options available—DO NOT DEFAULT!!

April 7th, 2014 by Eric

Net Price Calculator

In a few minutes, you can estimate how much Plymouth State will cost you and your family.

First Year Student

Transfer Student

Contact Us

Financial Aid

Hours
Mon.,Tues.
8:30 a.m. - 4 p.m.
Wed.
10 a.m. - 4 p.m.
Thurs., Fri.√ 8:30 a.m. - 4 p.m.

Phone
603-535-2338
toll free: 877-846-5755
fax: 603-535-2627

Email
Our Email Form

Location
Speare Admin. Building
Room 108

Mailing Address
Plymouth State University
17 High Street
MSC 18
Plymouth, NH 03264

myPlymouth