06.04.09 | Is my loan in default?
Being late or behind on your loan payments does not necessarily mean you have fallen into a “default” status.
If you do not make payments, even one, your loan is considered delinquent and late fees can be assessed, but you need to be 270 days past due to earn the not so coveted default title. I think that is pretty fair. You have 9 months before you loan gets turned over to collections to make arrangements with your lender.
If you are struggling with your monthly payment you may want to ask your lender/servicer about making partial payments, changing your payment due date, or if you qualify for an income sensitive repayment plan.
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Filed under: Federal Loans, Repayment
