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| Consequences of Default |
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| Default - is the failure to make installment payments when due, or to meet other terms of the
promissory note or other written agreements with the lenders and the reasonable conclusion is that the borrower no longer
intends to honor the obligation to repay the loan. The lender that holds the loan would file a default claim with the
guaranty agency, which would then buy the defaulted loan and begin required collection activities.
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| The consequences of a defaulted student loan include but are not limited to the following:
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