§ 23.27 What happens if scheduled payments are late?  


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  • (a) Failure to make full payment of principal and/or interest when due will subject the borrower to the assessment of administrative costs and penalty charges, in addition to the regular interest charge, in accordance with 45 CFR part 30.

    (b) Failure to make full payment of principal and/or interest when due may result in the Secretary placing the borrower in default of the loan. See §23.28(a).