To default means you fail to make your payments on your student loan as scheduled according to the terms of your promissory note, the binding legal document you signed at the time you took out your loan.
It is extremely important to contact New Mexico Student Loans before missing your first payment so that arrangements can be made before your loan becomes delinquent. If you don't make your payments, your loan may go into default. There are many options available to help meet the repayment obligation on your student loan. Some consequences of default may include, but aren't limited to, the following:
If you have further questions, please contact us.