| What is loan
default?
A Loan Default is failure to make student loan payments for 270
days or failure to meet any other terms or conditions of the loan.
DO NOT LET THIS HAPPEN!
If you default on your student loan, it will have serious consequences.
The guarantee agency will purchase your defaulted loan and will
report your defaulted loan to the national credit reporting agencies
affecting your ability to obtain future credit. Other possible
consequences of defaulting on your student loan include:
| > |
demand
for immediate payment, in full, of all student loans |
| > |
loss of eligibility
for future student financial aid or repayment options |
| > |
garnishment of wages
|
| > |
application of Federal
and State income tax refunds and lottery winnings directly
towards repayment of your loan |
| > |
referral to a collection
agency. You will be responsible for paying the collection
costs |
| > |
you may be sued for
the outstanding balance of your loan(s) resulting in a judgment
against you |
| > |
disruption of student
financial aid eligibility for future students at your school,
|
| > |
no renewal of professional
licenses. |
HELP US TO HELP YOU…
If you cannot make your payments, CALL YOUR LENDER OR SERVICER
IMMEDIATELY to ask about a deferment or forbearance or to request
additional assistance.
| For more information, contact us at: |
EFSI
P.O. Box 14445
Austin, TX 78761-4445
1-888-312-EFSI (3374)
E-mail: customer.service@efsi.net
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