Answer
To be in default means that you have fallen very far behind on your federal student loan payments. There are many different options to clear your default. Reaching out to your lender or our Alumni Support Center (866-508-0748 option 7) can start you on the journey to getting out of default.
The consequences of defaulting can not only impact your ability to borrow but can impact your finances as well. Consequences include the following:
You lose eligibility for additional federal student aid.
The default is reported to credit bureaus, damaging your credit rating and affecting your ability to buy a car or house or to get a credit card.
In some professions, being in default can result in loss of professional license.
For more information on defaulted federal loans, click here: https://studentaid.gov/manage-loans/default
The consequences of defaulting can not only impact your ability to borrow but can impact your finances as well. Consequences include the following:
You lose eligibility for additional federal student aid.
The default is reported to credit bureaus, damaging your credit rating and affecting your ability to buy a car or house or to get a credit card.
In some professions, being in default can result in loss of professional license.
For more information on defaulted federal loans, click here: https://studentaid.gov/manage-loans/default
* Bureau of Labor Statistics (BLS), U.S. Department of Labor, Occupational Employment and Wage Statistics 2022 / Occupational Outlook Handbook 2022. BLS estimates do not represent entry-level wages and/or salaries. Multiple factors, including prior experience, age, geography market in which you want to work and degree field, will affect career outcomes and earnings. Herzing neither represents that its graduates will earn the average salaries calculated by BLS for a particular job nor guarantees that graduation from its program will result in a job, promotion, salary increase or other career growth.