Delinquency means you are late on a payment. At 90 days late, servicers notify credit reporting agencies. At 270 days late, the loan is in default and collections efforts begin, leading to consequences such as wage garnishment and seizure of tax refunds. What to do if you can’t meet loan payments“This very moment is when they should be looking at what their options are,” says Mayotte. It could even be zero if you’re unemployed or underemployed (earning under 150% of the poverty line).

Source: Daily Sun December 05, 2020 16:07 UTC