Not doing so could cause a loan to default. Defaulted loans carry severe penalties such as loss of future financial aid eligibility, assignment to collection agencies, withholding of federal and state refunds and lottery winnings and negative remarks to national credit bureaus. Pay bills on time. If there is a problem, call the lender and negotiate an alternate plan. Utilize repayment calculators on the web.
Some loans require a credit check.
Students must not be delinquent or in default on a previous loan. Bills must be paid on time in order to protect one's credit rating. Students should request and review their credit report periodically. Consumer Credit Counseling Service offers counseling free of charge. If a student does not qualify for a loan due to credit reasons, USC is not able to make up that amount.