You could pay all charges and other costs, including reasonable attorney's fees, permitted by law for the collection of your loan. The lender or holder of the loan may assign the promissory note to a guaranty agency, at which time all amounts due will be payable to the guaranty agency. The lender, holder, or guaranty agency may report the default to one or all three national authorized credit reporting agencies. State and federal income tax refunds may be withheld. Wages may be garnisheed or offset.
Education loans are serious financial obligations.
Consequently, you should borrow the minimum amount necessary to achieve your educational objective. Remember that every dollar you borrow while in school will reduce your disposable income after graduation and during repayment.