DefaultYour loan can go into default if you have not been able to make a payment in at least 270 days. When you default, your lender files a claim with MGSLP requesting that we purchase your loan from them. Most default claims are purchased when the account is between 300 and 360 days past due. Once MGSLP purchases your loan we will collect the money you owe and apply it to your student loan debt. Defaulting on a loan is a serious matter with long-lasting consequences.
MGSLP offers a number of solutions if you cannot make a payment or if you have already defaulted and are trying to return your loan to good standing. If you are close to default, please call our Default Prevention Unit at 1-877-293-8946, or email Default Prevention. If your loans have already defaulted and you would like to discuss your options, please call our Default Resolution Unit at 1-800-322-3086 or email Default Resolution.
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