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
BLS pay estimates calculate the median annual wage for various occupations. Per the BLS the median wage for an occupation is: "The wage at which half of the workers in the occupation earned more than that amount, and half earned less. Median wage data are from the BLS Occupational Employment and Wage Statistics survey." Bureau of Labor Statistics (BLS), U.S. Department of Labor, Occupational Outlook Handbook 2024. BLS median wage estimates do not represent entry-level wages and/or salaries. Multiple factors, including prior experience, age, geographic market in which you want to work, and degree level and field, will affect career outcomes, including starting salary and earnings as an experienced employee. Herzing neither represents that its graduates will earn the median salaries calculated by BLS for a particular job nor guarantees that graduation from its program will result in a job, promotion, particular wage or salary, or other career growth.
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