What happens if you miss a student loan payment? Whether you are normally unbelievably careful and it was an honest mistake or you are financially unable to make the payments, let's see what may happen.
If you miss one student loan payment, this does not necessarily mean the loan will default. This depends on the type of loan you have. If you have a government loan, the government will allow you to miss up to nine months of payments before the loan will default. Your loan will be classified as delinquent if you miss one payment, but you will not default. A student with a government loan receives nine months to repay missed payments. As a student, you will have 270 days to find a solution.
If you have a private loan and miss payments, remember that private lenders are no where near as tolerant and generous as the government. Miss one payment and your loan will default. Private lenders grant forbearance dependent upon the loan institution. Expect to be slapped with fees and additional charges that could double the cost of a loan or worse. Missing a private loan payment may result in decades of repayment.
