LAKERS TOGETHER: Find out how we're moving forward.
The Long-Term Loan Offices wants to work with you to get your loan paid. If you encounter difficulties, please contact our office immediately to try to resolve the problem.
If you fail to pay your loan or contact us, Federal regulations require that your loan be placed with a collection agency when it becomes 120 days past due. Our office cannot set up a repayment arrangement once your account is with a collection agency.
Note: If your account is with a collection agency, but you believe you are eligible for a deferment, or cancellation you should contact the Long-Term Loan Office.
Consequences of a Past Due Loan
* Negative Credit Rating
* A hold being placed on your student record preventing your from obtaining your transcripts or registering for future classes
* A claim on your Michigan State income tax refund
* Ineligible for further financial aid
* Your account may be turned over to a collection agency and you will be responsible to pay collection costs.