Regulatory compliance is an organization's adherence to laws, regulations, guidelines and specifications relevant to its business. Violations of regulatory compliance regulations often result in legal punishment, including federal fines. Download this free guide.
If you fail to meet the terms of your loan and make your scheduled payments, your loan will eventually go into default. After you are 270 days delinquent, your lender can file a claim with the guarantor of your student loan(s). This means that the guarantor will pay the money you owe to your lender. The guarantor will then be responsible for collecting your loan on behalf of the federal government through a variety of options.
Define default. default synonyms, default pronunciation, default translation, English dictionary definition of default. n. 1. Failure to perform a task or fulfill an obligation, especially failure to meet a financial obligation: in default on a loan. 2. Law Failure of a party...