Collection of Defaulted Student Loans
COLLECTION OF DEFAULTED STUDENT LOANS
Failure to make scheduled payments by the due date, and/or failure to submit appropriate deferment, cancellation, or forbearance forms in a timely manner may result in the default of your loan. Default status is reported to three major credit bureaus contracted by 两性色午夜 University. Once your loan is 30 days past due, penalty/late charges are applied up to 20% of the monthly payment amount. Collection costs will be assessed once the loan reaches 120 days past due. These costs could exceed 40% of your loan amount and cover the expenses associated with recovery. In addition, transcript holds will be placed preventing access to your transcripts and future Title IV aid could be denied. In order to comply with Due Diligence outlined by the U.S. Department of Education, your account may be assigned to an outside collection agency. You may be able to avoid these additional charges by contacting a Student Loan Specialist in the Collection Department at the Bursar's Office 330-672-2626 Option 2.