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You’ve missed a repayment-or several-on your own figuratively speaking. You’re not by yourself. At the conclusion of this past year, more 7 mil citizens were no less than nine months at the rear of, the point where college loans enter default. Millions so much more provides overlooked several costs instead of striking one to 9-month cutoff.

Your credit rating will suffer, late costs have a tendency to stack up and you may consistently expand which have focus, and also in by far the most extreme cases, the government can confiscate your own tax reimburse and you will wages to help you pay-off your debt.

You’ve probably read all this just before, or, about, you are aware you can find consequences getting missing repayments, even though you do not know what they’re.

If you were to prevent correspondence along with your financing servicer (the brand new middlemen exactly who deal with your payments), you might not recognize how much you owe otherwise how far trailing you are

However, lifetime goes, as they say, that is where you’re-possibly delinquent or even in default. (more…)