When you skip your payment, your account becomes delinquent. If you continue steadily to miss re payments for 270 days—about nine months— you are going to default on your own loans. The federal government can and will garnish a percentage of your wages in addition to your missed payments being reported to all the major credit bureaus and your credit score tanking.
But this hellish ordeal does perhaps maybe not end here.
As soon as your alma mater discovers out you have got defaulted, it may decide to withhold your transcripts unless you have current on your own repayments. Until your account has returned in good standing, your annual tax statements, from you, as well if you are fortunate to receive them, will be withheld. [Read more…] about Study on Millennial Mistakes and Say No to education loan financial obligation