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Home > Financial Aid > Aid Programs

Default

Default is the failure to repay a loan. Avoiding default requires careful planning on your part when making choices about your lifestyle while in college and throughout your entire repayment period.

The Penalties for Default are as follows:

	Loss of eligibility for federal funds for you to continue in school or return to school.
	Notification of default is sent to credit bureaus, damaging your credit rating and resulting in difficulty obtaining future loans, such as for a car or home.
	You may be taken to court and your assets may be seized by the guarantee agency.
	Your wages may be garnished by a collection agency, to collect all of the charges, costs, and attorney fees incurred by the lender.
	Your federal and state income tax refunds may be garnished and applied to your defaulted loans.

Fraud

There are severe penalties for fraud or misrepresentation in matters pertaining to federal financial aid programs. Students are warned by the government on the Free Application for Federal Student Aid (FAFSA) that false or misleading information on the application may lead to fines, imprisonment or both.

Fraud may exist in any of the following manners:

	Falsified documents or forged signatures.
	Use of fictitious names or aliases, addresses or Social Security numbers.
	A pattern of misreported information from one year to the next.
	Counterfeit Student Aid Reports (SARs).
	False claim of independent status.
	Stolen or fraudulently endorsed financial aid checks.
	Embezzlement of financial aid checks or funds.
	Kickbacks to receive grants, loans, or employment under the Federal Work-Study program.
	Unreported prior loans or grants, and receipt of concurrent full grants during one award year.

The penalties for fraud include a fine of up to $20,000 and/or up to 5 years imprisonment.

Financial Assistance Office
Custer Hall	Phone: (785) 628-4408
600 Park Street	Toll Free: 1-800-628-FHSU (3478)
Hays, KS 67601	Fax: (785) 628-4014
Title IV Federal Code 001915	Email: finaid@fhsu.edu
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