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Defaulting on a loan happens when repayments are not made for a certain period of time as defined in the loan's terms of agreement, typically a promissory note. For federal student loans, default requires non-payment for a period of 270 days. For private student loans, default generally occurs after 120 days of non-payment. [1]
A defaulted student loan happens when the borrower does not make payments on their student loan, often for a few months or more. ... meaning the problem only gets worse.
Student loan default happens when you don't repay the loan according to the agreed-upon terms. For federal student loans, default happens when you haven't made a payment to your federal student ...
If your federal student loans are in default (meaning that you’ve missed 270 days of payments), you can take action in one of two ways: student loan rehabilitation or consolidation.
Student loans may be discharged through bankruptcy, but this is difficult. [2] Research shows that access to student loans increases credit-constrained students' degree completion, later-life earnings, and student loan repayment while having no impact on overall debt. [3]
With federal student loans, wage garnishment can continue until your loan balances plus interest and fees are paid back, but it can also end if your loan is removed from default. The federal ...