How Is Student Loan Default Defined?
Автор: The College Explorer
Загружено: 2026-01-25
Просмотров: 2
Understanding 'student loan default' is crucial for anyone managing college costs, as it marks a significant turning point in your repayment journey. This video breaks down exactly what student loan default means and why its definition is so important for your financial future.
Here's what you'll learn about student loan default:
► For most federal student loans, default occurs after 270 days (9 months) of missed payments.
► Private loan default definitions vary by lender and can be much stricter, sometimes after just one missed payment.
► Default isn't always just about missed payments; for federal loans, it can also be triggered by failing to comply with other terms of your loan agreement.
► Proactive communication with your loan servicer is key to exploring options like deferment or income-driven repayment plans to avoid default.
#StudentLoanDefault, #StudentLoans, #FinancialLiteracy, #CollegeFinance
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