What if I do not fulfill the obligations of my loan agreement?

Zomia sends notices over text, phone, e-mail, and social media to students whose payment is late. If a student misses three consecutive payments and has ignored Zomia’s efforts to communicate, the student’s loan will fall into default. In default, Zomia reserves the right to:

• Notify a student’s family, employers, and other relevant institutions of default;
• Publish the default in the Zomia Default List;
• Update the student’s CRR (credit and responsibility rating) to reflect the default;
• Add the student’s name and loan information to a national registry of borrowers in default and send information to a debt collections agency (a student’s presence on this list may impact future borrowing opportunities from banks and microfinance institutions); and/or
• Prohibit the student from future borrowing through Zomia.