Answer
Defaulting on your federal student loan account is a serious issue and it could cause severe and negative implications in your future; If you allow your loans to go into default, your servicer is required to report your name to each major credit bureau as being in default on a government debt. Further, collection fees may be added to your account and the entire balance of all defaulted loans will become due (in full) immediately. These consequences may hinder your ability to borrow in the future or receive any federal aid. . You may qualify for special assistance such as reduced payments or a temporary suspension of payments through the use of deferments or forbearances. SAIC has partnered with a Inceptia, a financial literacy and loan management assistance provider. The loan management website is free and is located at www.moneyknow.org.
Thank you for your prompt attention to this matter. SAIC Student Financial Services, 36 S. Wabash, Suite 1200, Chicago, IL 60603. Telephone: (312) 629-6600.
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