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What happens after you apply for a student loan fails to repay?

in order to successfully complete a university education, a lot of family conditions were not very good friends choose to apply for a student loan. In accordance with the relevant provisions of loan, graduates need to start repaying principal after graduation. So, if after applying for student loans not repaid on time, then what?

one is the appointment of disciplinary: not timely repay the principal of the loan contract, according to the actual amount overdue days overdue and charged interest, penalty interest rate for normal borrowing rate of 130%.

Second, the punishment: in accordance with the relevant provisions of the State, the State Development Bank will repeatedly late, malicious default student loan borrowing to take the following measures:

default student information and co-applicant information added to peoples Bank personal credit system. As long as the bad credit records were credited to the individual credit system will direct students and co-borrower's personal credit card, housing, car loans and almost all financial institutions relating to the application for and use of financial products;

to load default student information query system of graduate education, and to inform the students and co-borrower's employment for breach violations. This would breach the employment of students, participation in various social activities such as recruitment examination have a greater impact;

default in serious cases the lender will also assume legal liability. China Development Bank could use legal means to recover debts.

through the introduction of small series, I believe you all fails to repay the student loans need to bear the consequences of a certain amount of understanding, hope that small can give you some help.

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