Are you interested in finding ways to avoid going into default?
In order to avoid default, you truly need to take the time to fully understand your loan agreement, and what kind of loans you are receiving. In other words, you should understand the cost of getting the loan, the interest rate, and terms for repayment. Another huge factor of avoiding default is refraining from borrowing more money than you need to.
Keep good records of all of your college finances, include:
- Payment schedules
- Documents that show you paid your loan fully
- Financial aid award letters
- Loan disclosures
- Record of month payments
- Loan counseling materials
- Loan servicer contact information
