“Default” means failure of a borrower and endorser, if any, to make an installment payment for a loan received under the federal student financial aid programs when due, or to meet other terms of the promissory note, provided that this failure persists for 270 days if payment is due monthly or 360 days if payment is due less frequently. For purposes of this section, “endorser” means an individual who signs a promissory note and agrees to repay the loan in the event that the borrower does not.
Cal. Educ. Code § 94829
Definitions
Known as the California Private Postsecondary Education Act
The act spans §§ 94800–94950 (183 sections).
Amended by Stats. 2014, Ch. 840, Sec. 6
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.