If you fail to make payments on your student loans you will go into default. Defaulting on your student loans is a serious financial mistake. Like any other debt, these loans are important financial and legal obligations. Consequences of default can include:
The key to avoiding default is to borrow responsibly, set up a budget before you go into repayment so you are prepared for your loan payment, and keep an open line of communication with your loan holder. Contact your loan holder at the first sign of trouble.
If you fail to make required payment or satisfactory arrangements with my lender, you will be in default
Default will impact on your credit rating