The goal of the Default Prevention Team at Arkansas Baptist College is to assist you with keeping your current loan(s) out of default. If you are delinquent on your account, we want to help you bring it current. We are here to serve both our current and former students. If you are having problems, please contact us at:

Email: defaultprevention@arkansasbaptist.edu
Telephone: (501) 420-1210

BORROWER RESPONSIBILITIES:
• I am responsible for repaying my loans even if I am unable to secure employment after I complete my education or leave school.
• I am responsible for repaying my loans, even if I do not complete my planned education.
• I am responsible for immediately notify my lender before the due date if I cannot make a payment.
• I am responsible for repaying my loans with accrued interest and any fees;
• I am responsible for repaying my loans in accordance with the terms and conditions of the Application/Promissory Note, unless my loans are consolidated or terms are changed.
• I am responsible to make a minimum monthly payment in accordance with the terms and conditions of the Application/Promissory Note.
• I am responsible to notify my lender within 10 days if I change my name, address, social security number, telephone number, graduation date or employer.
• I am responsible to notify my lender within 10 days if I transfer to another school, enroll on a less than half time basis or leave school for any reason.
• I am responsible to repay my loan, because if I do not, I may be considered in default. If I am in default:
o The unpaid balance of my loan, including interest, becomes due immediately.
o My loan will be assigned to the guarantor and they will report the default to national credit bureaus.
o The guarantor may institute proceedings to collect my income tax refunds.
o My loan may be assigned by the guarantor to the federal government for litigation.
o My wages may be garnished.
o I will be ineligible for any further federal or state financial aid.
o My account may be forwarded to a collection agency, a civil suit may be brought against me to force repayment, and I may be held responsible for the expenses incurred in the attempt to collect, with includes attorney’s fees.
• I am responsible for attending an exit interview before I leave school.

BORROWER OPTIONS:
Deferment: You may postpone your payments if you qualify for an Economic Hardship, In-School, Unemployment, of Disability deferment. Qualification is determined by current economic, enrollment, employment, or disability status. You are entitled to any of these deferments if you qualify.

Forbearance: You may qualify for a Mandatory or Economic Hardship Forbearance. Please contact your lender/servicer for more information on forbearance.

Consolidation: You may be eligible to consolidate you loans. Loan consolidation often reduces your monthly student loan payment. (to learn more, see Student Loan Repayment Options and Student Loan Consolidation).

Alternative Payment Plans: You may qualify for Income Based, Graduated, or Lowered Payment plans.

Contact your servicer to get an application to apply for a deferment, forbearance, or consolidation.. (Here’s how to find the servicer of your student loan.)

If you do not resolve your delinquency before your account reaches 270 days past due, your loan(s) will be declared in default. If a default claim is paid, the entire balance of your loan(s) will become due and you will no longer be eligible for Title IV Financial Aid or for any part of the options described above.

Canceling Your Student Loans: In certain limited circumstances, you may be able to cancel your student loan(s) — meaning that you no longer have to pay it. Doing this is not easy; you’ll have to meet specific conditions depending on the type of loan you have.
Often, when you cancel your loan, the government will also reimburse you for payments already made, and help clean up your credit record. In some situations, you won’t be able to cancel the entire loan, but you may be able to get rid of a portion of the loan.
Loan cancellation (also called loan discharge) is available only in certain, specific situations, including:
• you attended a school that closed
• you didn’t get a refund where appropriate
• your school falsely certified that you would benefit from the education and you don’t have a GED or high school diploma
• you work in certain occupations after graduation (like teaching or some public service jobs), and
• you are disabled or die. (Learn more about qualifying for student loan cancellation.)

Who Is My Student Loan Holder?
If you want to set up a repayment plan, postpone payments, consolidate your loans, cancel a loan, or apply for some other government program, you need to know both what type of loan you have and who holds your loan.
To learn what type of student loan you have, see Types of Federal Student Loans.

Help In Finding Your Student Loan Holder:
If you’re in default on your student loan, you’ve probably heard from the holder, because it’s trying to collect the loan. If you’re not in default, it’s often more difficult to find out who holds your loan. Try these sources:

The National Student Loan Data System (www.nslds.ed.gov). This is the Department of Education’s central database for student aid. You can get information about what kind of loan you have, as well as loan or grant amounts, outstanding balances, loan status, and disbursements. Identification information is required to access the database, including a personal identification number (PIN) that you can obtain online. You can also access the database by calling the Federal Student Aid Information Center (below).

Federal Student Aid Information Center. For help accessing the National Student Loan Data System and to find information about the holder of your loan, as well as information on loans not in default, call the Department of Education’s Federal Student Aid Information Center at 800-433-3243 or 800-730-8913 (TDD).

FSA Collections Office. For loans in default, call the Department of Education’s FSA Collections Office at 800-621-3115 or 800-730-8913 (TDD). Department representatives are trained to assist borrowers in default. Or, go to www2.ed.gov/offices/OSFAP/DCS/index.html.

Student Loan Ombudsman. If you’ve tried all of these places and are still having trouble, consider contacting the Student Loan Ombudsman office at 877-557-2575 or www.ombudsman.ed.gov.

ARKANSAS BAPTIST COLLEGE
DEFAULT MANAGEMENT TASK FORCE

Dr. Mattie Yvette Wimberly/Chair………………………………….……..…Retention/SAS/Default Mgmt.
Mrs. Charmaine Reed/Co-Chair……………………………………….……………..……………………Financial Aid
Mr. Montrell Bailey…………………………………………………………………………………..……………….Athletics
Mrs. Roberta Clark…………………………………………………………………………………………..SAP Committee
Dr. Jerelyn Duncan…………………………………………………………………….…….…………..Registrar’s Office
Mrs. Akissi Brooks-Hill………………………………….…………………………..……Student Academic Success
Mrs. Serena Hill…………………………………….…………………………………………………..…………………Faculty
Ms. Candias Griham………………………………….……………………………………………..….…..Business Office
Dr. Samuel Meredith……………………………………………………………….…..…Student Academic Success
Rev. Henry Parker………………………..…………………………………….………Academic Review Committee
Ms. Alexis Young…………………………………..….………………………….…………………………..……Admissions
Mr. Anthony Williams………………………………….…………….……………………………….…..Residential Life