Welcome to Default Prevention!
Our Goal:
To educate the college community on long-term initiatives and goals regarding loan borrowing, repayment, repayment incentives as well as default prevention tips. Ensuring that our students are well-informed of resources available to them to prevent loan delinquency and defaulting. Educating our students will assist in maintaining a low Cohort default rate at our institution.
Our Vision Statement:
Our students will be educated in regards to the loans they borrow, and conscious of the amount of money they have to repay.
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There's greater success when you borrow less! |
Default Prevention Tips, Important News, Upcoming Events:
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One of the keys to successful management of student loans is understanding your obligation and how to manage these loans. This includes knowing what changes are occurring that could impact repayment, including a change in the servicer for the loans. Borrowers can get answers to their questions about student loan servicers and view a list that includes the contact information for all federal student loan servicers at mappingyourfuture.org/Paying/loanservicers.htm.
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10 Ways to Avoid Default
Your financial situation is strengthened when you avoid default.
The best way to avoid default is to build a relationship with your servicer, especially when you cannot make your payments. Your servicer will assist you with any problems you may experience during the repayment of your student loan. Stay on top of the situation by following these 10 guidelines:
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1. Understand your rights and responsibilities regarding your repayment obligation as well as your repayment options.
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2. Borrow only the amount you need and only what you can reasonably expect to repay.
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3. Keep all records regarding your loan. Make copies of all letters, cancelled checks, and documents you sign.
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4. Notify your servicer when you have a change of name, address, phone number, or if you change schools or enrollment status.
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5. Seek help as early as possible if you have any difficulty maintaining your student loan repayment arrangement.
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6. Talk to your servicer if you have any questions about the particular terms of your loan
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7. Keep credit card debt to a minimum or avoid credit card debt completely.
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8. Create and maintain a budget that is within your monthly income.
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9. Consider making nominal loan payments while in school. This will reduce the amount you owe after graduation.
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10. Make loan payments on time.