You’ve missed a payment—or several—on your student education loans. You’re not by yourself. At the conclusion of just last year, more than 7 million individuals were at the very least nine months behind, the point where student education loans get into standard. Millions more have missed a couple of re payments without striking that nine-month cutoff.
You ought ton’t simply take a lot of solace in having so much company, however.
Falling behind on the student education loans may be high priced within the long term. Your credit history are affected, belated charges will stack up and continue steadily to grow with interest, as well as in the absolute most acute cases, the government can confiscate your income tax refund and wages to cover down the debt.
You’ve likely heard all this work before, or, at least, you understand you will find consequences for missing re payments, even they are if you don’t know what.