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.
If you donât make a payment on time or if you miss making a payment, your loan is delinquent and late fees may be assessed. Even if you are delinquent on your loan, you may still be able to avoid default, so itâs important that you contact your loan servicer immediately. Take Steps to Avoid Default Understand Your Loan and Loan Agreement Manage Your Borrowing Track Your Loans Online Keep Good Records Notify Your Loan Servicer