Just 60% of student loan borrowers made a payment when the bills resumed in October. "This is, in essence, a massive student debt strike," one activist said.
We don’t have to pay for the first year, interest accrues, but you don’t become delinquent. Either I completely misread the agreement I signed, and so did many others including journalists.
You can be marked as delinquent between 30 to 90 days (and this will negatively affect your credit) depending on the servicer. The direct loans default after 360 days which is what you are thinking of.
No, this is specifically with regard to the un-pause of student loan payments. During the first year after payments started again, if you miss 2? payments you are automatically put on a short term deferment and you will not be considered delinquent. It’s referred to as a grace period / on-ramp.
We don’t have to pay for the first year, interest accrues, but you don’t become delinquent. Either I completely misread the agreement I signed, and so did many others including journalists.
More likely, this particular article is garbage.
Well that’s even harsher. They’ll let you build up some principal before garnishment.
The interest doesn’t capitalize at least.
And still nowhere near as garbage as Wall Street profiting off of our youngest, most nascent adults children trying to better themselves
You can be marked as delinquent between 30 to 90 days (and this will negatively affect your credit) depending on the servicer. The direct loans default after 360 days which is what you are thinking of.
No, this is specifically with regard to the un-pause of student loan payments. During the first year after payments started again, if you miss 2? payments you are automatically put on a short term deferment and you will not be considered delinquent. It’s referred to as a grace period / on-ramp.
https://fortune.com/2023/08/11/when-do-student-loan-payments-resume-grace-period-biden/
Whether or not she was right, this is what support at my loan serviced told me