Once you skip your payment that is monthly account becomes delinquent. If you continue steadily to miss re payments for 270 days—about nine months— you will definitely default on the loans. As well as your missed payments being reported to all or any the main credit agencies along with your credit history tanking, the government can and certainly will garnish a share of the wages.
But this ordeal that is hellish perhaps maybe perhaps not end here.
As soon as your alma mater discovers until you get current on your payments out you have defaulted, it can choose to withhold your transcripts. Continue reading “Study on Millennial Mistakes and Say No to education loan financial obligation”