For Alumni

Repaying your student loan on time is crucial to establishing a good credit history. Since student loans were most likely the first of your borrowing experience, it's very important that you take this responsibility seriously. Student Loans that are not paid in a timely manner will diminish your credit worthiness in borrowing for major purchases such as automobile or home loans. 
Failure to provide payments by their monthly due dates constitute in delinquency and will result in the assessment of late fees.  As delinquencies persist, loans will be subject to default and the consequences can have serious results.
  • The delinquency and default may be reported to one or more credit bureaus and it will take years to reestablish your credit.
  • The entire loan amount, including interest may be due immediately.
  • Your wages may be garnished.
  • You may not be eligible for additional federal or state student loans.
  • The loan may be referred to a collection agency and you will be liable for collection costs.
  • Your federal and state tax refunds may be withheld.
  • You may be denied employment.
Perhaps the most important thing to keep in mind when you're caught in this situation is that there is a solution; having a defaulted status on your student loans can be avoided entirely simply by communication to your loan servicer, regardless of whether or not you are able to afford your monthly payments. 
If you do not know who your loan service provider is, visit the National Student Loan Data System (NSLDS) website ( to review this information as well as the status of your loan(s).  The NSLDS website has all of the information that you need about your student loan(s).  If you are encountering financial difficulties, it is very important to notify your loan service provider that they may work with you in avoiding the possible negative impacts to your credit as well as the proper steps to repayment.
For additional information on debt resolution or managing repayment or go to: