Default is the failure to repay a loan according to the terms the borrower agreed to when signing the promissory note for the loan. (aessuccess.org)
Shop around before signing that promissory note to ensure that you are getting the best rates available. (lendedu.com)
If you have a private loan, you may have chosen your repayment length when you filled out your application and signed your promissory note with the lender. (fidelity.com)