YOUR STUDENT LOAN OBLIGATIONS
Understand Your Obligations
As a borrower, you have the following responsibilities:
- Notify your lender of changes to your name, address and telephone number
- Tell your lender if you change financial institutions if your payments are automatically deducted from an account with that particular institution
- Contact your lender immediately when you encounter financial difficulties that inhibit your ability to pay
- Make on-time payments even when you are waiting for notification regarding your request for a deferment, forbearance or loan consolidation
- Repay your loan(s) in full according to the terms stated in the promissory note(s) you signed
- Avoid delinquency and default by working with your lender to establish a payment schedule you can afford
Consequences of Not Paying
Not paying your student loans can jeopardize your credit history and ability to borrow in the future. Here’s what you need to know:
If your monthly payment is late, you are considered delinquent on your loan. When this happens, your lender may contact you, begin collection activity, assess late fees and possibly report your delinquency to a credit bureau.
- Your loan may go to a collection agency and legal action could ensue
- Your default is reported to the major credit bureaus and stays on your credit record for at least seven years, whether or not you pay it off later
- Your wages could be garnished
- Your obligation to pay your education loans may not be dischargeable in bankruptcy
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About Golden Key
Golden Key is the world's largest collegiate honor society. Membership into the Society is by invitation only and applies to the top 15% of college and university sophomores, juniors and seniors, as well as top-performing graduate students in all fields of study, based solely on their academic achievements. As an international honor society with more than 400 chapters at colleges and universities around the world, Golden Key is committed to a high standard of scholastic achievement, and an ethos of integrity, innovation, respect, collaboration and diversity.