Missing a student loan payment can be stressful, but knowing what to expect can help you act fast and avoid long-term problems.
First Steps:
- Most lenders allow a short grace period, so make the payment as soon as you remember.
- Contact your loan servicer right away—they may offer options to help.
Consequences:
- Late fees may be added to your account.
- Your credit score could drop if the payment is late by 30+ days.
- After 90 days, federal loans are considered “delinquent” and reported to credit bureaus.
- After 270 days, federal loans go into “default,” which can lead to serious legal and financial consequences.
What to Do:
- Ask about deferment or forbearance if you’re facing hardship.
- Set up auto-pay or payment reminders to prevent future misses.
Conclusion:
Missing one payment isn’t the end of the world, but act quickly to protect your credit and avoid bigger issues down the line.
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