3 Key Takeaways:
- Student loans are a commitment—repaying them on time helps protect your credit, avoid extra costs, and keep future financial opportunities within reach. Graduating from your Fortis program is one of the best ways to stay on track.
- Defaulting on your loans can have serious consequences, including damaged credit, wage garnishment, and loss of eligibility for future financial aid.
- If you’re struggling, you have options—take action early and use available support, including the Fortis partnership with Student Connections.
So, you’ve made the exciting decision to pursue higher education—now comes the big question: how are you going to pay for it? For many students, federal student loans are a common and accessible option. Let’s take a closer look at how they work—and break down the responsibilities and long-term commitment that come with borrowing for your education.
Student loans can open doors to education, skills training, and career opportunities that might otherwise be out of reach. But unlike grants or scholarships, loans must be repaid—with interest. A loan is exactly what it is called…a loan. That means you are essentially entering into an agreement with the federal government that they will lend you funding toward paying for your education and you will repay that loan in accordance with their terms. Graduating from your program and successfully managing your loan repayment helps you build financial stability and maintain control over your future.
4 Reasons You Should Always Repay Your Student Loans
- Protect Your Credit Score
Your payment history substantially impacts your credit score. Making consistent, on-time payments helps you build good credit, which can impact your ability to rent an apartment, buy a car, obtain a credit card, or even qualify for certain jobs. - Stay Eligible for Financial Aid
Staying current on your student loans keeps you eligible for additional federal student aid for ongoing education. - Avoid Extra Costs
Late fees, increased interest, collection costs—you can incur some or all of these penalties when you miss payments on your loan. This, in turn, makes your loan more expensive over time. - Gain Peace of Mind
Staying on track with repayment helps you avoid stress and uncertainty. You’ll know you’re actively managing your financial future.
What Happens If You Default on Your Student Loan?
Defaulting on a federal student loan typically occurs after 270 days of missed payments—and the consequences can be severe:
Damage to Your Credit: Default can significantly lower your credit score. This makes it much more challenging to secure housing, transportation, or financing.
Wage Garnishment: The government can withhold a portion of your paycheck without a court order.
Loss of Tax Refunds: Your federal tax refunds may be seized to repay your debt.
Collection Agencies: Your loan may be sent to collections, adding fees and increasing the total amount owed.
Ineligibility for Federal Aid: Defaulting can disqualify you from receiving future federal financial aid.
You Have Options—Don’t Wait
If you’re struggling to make payments, you’re not alone—and you’re not without options. Federal student loans offer flexible repayment plans, deferment, and forbearance programs designed to help you stay on track. The key is to act early and communicate with your loan servicer.
Fortis Is Here to Support You
At Fortis, your success doesn’t stop at graduation. We understand that managing student loans can feel overwhelming, which is why we’re taking proactive steps to support our students and graduates.
Fortis is proud to partner with Student Connections, a trusted resource dedicated to helping borrowers navigate federal student loan repayment. Through this partnership, Fortis students may receive outreach, guidance, and personalized support free of charge from Student Connections to help you understand your options, avoid default, and stay in good standing.
Take Control of Your Future
Repaying your student loans isn’t just a requirement—it’s a powerful step toward financial independence and long-term success. Stay informed, stay proactive, and know that support is available.
Have questions about your student loans or need help getting started
Visit our Financial Aid Page to learn more about your options or contact Fortis Financial Aid Advisors to help you navigate your financial journey.