Defaulting on a federal loan has serious consequences and an effect upon a student's continued financial aid eligibility. The FAFSA Submission Summary, the output document that results from the FAFSA, would indicate if a student is in default on a federal loan and which agency should be contacted to discuss the default status. Until such time as the default status is cleared, a student is ineligible for federal aid. Because a default on a federal loan will be reported to the credit bureaus, a student's eligibility for other credit-based aid such as an alternative loan may be adversely affected.