You are Here: Home > Glossary > Default

Default

Failure to meet your financial obligations when a promissory note becomes due and payable. Also, failure to make loan payments at stipulated times. Some defaults are recorded on your permanent credit record.

Last updated: Thursday, 08-Feb-2007 12:04:20 EST

Student Response Center | University at Buffalo | 232 Capen Hall | Buffalo, NY 14260-1631
Phone: (716) 645-2450 | Toll Free: 1-866-838-7257 | Fax: (716) 645-6566 | Hours: 8:30 a.m. to 5:00 p.m. | Student Questions: src@buffalo.edu

Comments about this Web site should be sent to: src-web@buffalo.edu