Borrowing money to help finance your education is a big step. It’s important to take the time to understand the responsibilities that come with that assistance. When you take out a loan for a Certificate or Associate degree program, you are responsible for full repayment of the amount you borrow, plus any accrued interest. You are responsible even if you don’t complete the program or graduate and aren’t able to pursue employment.
If you fail to repay a loan, you will be considered in default, which can result in:
- Your loan becoming immediately due and payable
- Wage garnishment
- The withholding of income tax refunds
- Reporting to a national credit bureau
- Ineligibility for future federal state financial aid programs
Below is a link to additional resources you can explore if you’d like to learn more about your responsibilities as well as various processes for financial aid.