We urge you to select one of several options to resolve your payment problems. By taking action now, you may avoid the following consequences:

Additional costs. Interest will continue to accumulate on your unpaid balance, and you may incur late charges. You'll also lose eligibility for interest-saving borrower benefits offered by some lenders.

Collection calls and letters. Your lender or servicer will send letters and attempt to call you to advise you that you've fallen behind in your payments and to counsel you about your options. After several weeks, your guarantor will join in the effort to contact you. The school you attended also may participate in this effort to help you resolve your payment problems.

Damage to your credit rating. If you've failed to make a payment for several weeks, your past-due account will be reported to national credit bureaus. This reporting will harm your credit rating.

Immediate payment in full. If you don't take action to resolve your past-due account for several months, you will receive a letter demanding immediate payment in full.

Severe consequences of default. If don't make your required payments for several months, or violate other terms of your loan's promissory note, you will end up in default. The consequences of default are very unpleasant.