You’re not alone: More than 3 million borrowers were at least one month behind, or “delinquent, ” on their federal Direct Loans as of December 2018, according to Federal Student Aid if you miss a student loan payment.
Though delinquency is typical, that doesn’t suggest you’re not penalized for it. Credit harm and belated costs are the primary effects of missed re re payments — but in the event that you don’t get up, wage and income tax reimbursement garnishment can show up as soon as your loans enter standard.
Don’t wait to act when you’ve fallen behind. Here’s what the results are in the event that you skip a student-based loan re payment, along with the most useful methods to avoid future payments that are late.
Effects of lacking education loan re re re payments
In the event your federal education loan repayments are delinquent, here’s everything you can be prepared to take cash advance place as soon as: