If a borrower defaults on a bond, it means that:
a. the borrower has one year to pay before facing possible jail time.
b. the borrower only has to pay a portion of the loan back.
c. the borrower did not pay back the loan on the maturity date.
d. the borrower has paid back the loan prior to the maturity date.
e. the borrower has paid back the loan on the maturity date.