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University Bursar - What is student loan default?

Default occurs when a student becomes past due in making a loan payment.

  • For Federal Student Loans, you are considered to be in default if you don’t make your scheduled student loan payments for at least 270 days.  
  • For Campus-Based Loans being serviced by Heartland ECSI you are considered to be in default if you don t make your scheduled student loan payments for at least 240 days

The consequences of default are serious, and many options are available to assist borrowers in avoiding default.
University Bursar strongly encourages borrowers to contact their servicer(s) to discuss options to avoid becoming delinquent if they face missing a payment.

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Keywords:default,student, loan, University Bursar, Conduent, payment, borrowers, Heartland ECSI, lenders, Direct Loans, Campus Based, Federal university bursar paymybill   Doc ID:92584
Owner:Kathy K.Group:University of Illinois System
Created:2019-06-20 13:19 CDTUpdated:2022-01-21 11:56 CDT
Sites:University of Illinois System
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