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 damage and belated costs are the key effects of missed re payments — but in the event that you are not able to get caught up, wage and taxation 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 an educatonal loan re re payment, plus the most useful techniques to avoid future payments that are late.
Effects of lacking education loan re re re payments
In case your student that is federal loan are delinquent, here’s what you could expect you’ll take place when: