Of course. Loans must be repaid.
Yes, but what if I have missed a payment or are having trouble making payments?
Then you should immediately contact and discuss options with the organization that handles billing and other services for your loan to avoid defaulting on your loan.
What should I do next then? I'm using William D. Ford Federal Direct Loan Program.
In that case, contact your loan servicer.
What if I don't know who my loan servicer is?
Then you'll have to call the Federal Student Aid Information Center (FSAIC) at 1-800-433-3243.
I'll give that number a call later. So, what if my loan was mistakenly put in default?
Do you believe your loan has been placed in default by mistake?
Yes, pretty much.