50) What is default?
admin2018-07-31T13:31:05-04:00Default occurs when a borrower becomes 270 days delinquent in making loan payments. If this occurs: The entire unpaid loan amount becomes due and payable The Department of Education will report your default to national credit bureaus The Department of Education may sue, take all or part of the students federal tax refund or other federal payments, or garnish the wages (of the borrower) so that the borrower’s employer is required to send the DOE part of his/her salary to pay off his/her loan, or use a combination of these actions The borrowers will have to pay collection fees and costs, [...]