A late charge is assessed when a payment is more than 10 days past due. A late charge may also be assessed when deferment or cancellation documentation is submitted late. A hold will be placed on your academic transcript and additional financial aid until the past-due portion of your loan is cleared. Your State of Oregon Income Tax refund may be intercepted and applied to your past-due account. If you do not respond to our internal collection efforts, your account will be referred to an outside collection agency. If this happens, your loan is accelerated. This means the entire unpaid balance of your loan becomes due and payable, together with all accrued interest, late charges, collection costs, and legal fees. Once your account has been referred to an outside collection agency, you must deal directly with them rather than OSU.