To “default” on your loan, means that you failed to make the scheduled payments on your student loan according to the terms of your promissory note (the binding legal document you signed when you made your loan).
If you loan goes into default, you are in serious trouble. In fact, you should always avoid it if at all possible. However, if your loan does go into default, there are steps you can take to “rehabilitate” your loan – all is not lost. Keep reading to find out more about default, how to avoid it, and what you can do to get out of it.o make the scheduled payments on your student loan according to the terms of your promissory note (the binding legal document you signed when you made your loan).
If you loan goes into default, you are in serious trouble. In fact, you should always avoid it if at all possible. However, if your loan does go into default, there are steps you can take to “rehabilitate” your loan – all is not lost. Keep reading to find out more about default, how to avoid it, and what you can do to get out of it.
