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Student debt is a form of debt that is owed by an attending, withdrawn or graduated student to a lending institution. The lending is often of a student loan, but debts may be owed to the school if the student has dropped classes and withdrawn from the school. Withdrawing from a school, especially if a low- or no-income student has withdrawn with a failing grade, could deprive the student of the ability of further attendance by disqualifying the student of necessary financial aid). Student loans also differ in many countries in the strict laws regulating renegotiating and bankruptcy. Due payments may be a retroactive penalty for services rendered by the school to the individual, including room and board. As with most other types of debt, student debt may be considered defaulted after a given period of non-response to requests by the school and/or the lender for information, payment or negotiation. At that point, the debt is turned over to a Student Loan Guarantor or a collection agency. (via Freebase)