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When you dropped out of school doesn't have a whole lot of bearing on when your loans went into default.

For example, if you dropped out in the spring of 1993, in all likelihood, the lender wasn't even notified that you were no longer a student until the fall...then you were delinquent for a while. The earliest you could have defaulted on Federally guaranteed loans is the Spring of 1994...and if you dropped out of school in the Fall of 1993, depending on when the school notified the lender you were no longer enrolled, it could have been at least a year, or more, before you were in default.

Your loans aren't defaulted when you miss a single payment, it takes many missed payments (6 months worth) and a complete disregard of the consequences to go into default.
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