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What is delinquent?
- If you don’t pay your loans on time they are considered delinquent.
- Your loan is delinquent even if you are only 1 day late on a payment.
- Even if you only miss one monthly payment and then start repaying your loan will remain in delinquency until you pay the past due amount or you change repayment plans.
- After 60 days of delinquency it is reported to the national credit bureaus and this will lower your credit score and have serious financial impacts.
- After a period of time not paying your loan the delinquent loan goes into default.
- The period of time varies on the type of loan but many federal loans go into default after 270 days of delinquency (8 months)
If your loan is in default there are options to get out of default and avoid future consequences. The easiest way to get out of default is to pay off the loan in full but this is not an option for most people. Other options to get out of default are loan rehabilitation and consolidation. Learn more about how to get out of default
Make no mistake, if you default on your student loans you can get yourself into one of the worst financial situations ever. Default can haunt you for your entire life.
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Learn more about loan default scams