student loan default

Student loan default occurs when a borrower fails to make scheduled payments on their student loans for a specified period, typically 270 days. This can lead to serious consequences, including damaged credit scores, wage garnishment, and loss of eligibility for additional federal student aid. Defaulting on loans can make it challenging to secure future loans or financial assistance, impacting one’s overall financial health. Options like deferment, forbearance, and loan consolidation can help borrowers avoid default by providing temporary relief or assistance with repayment. It's crucial for borrowers to understand their options and communicate with lenders if they face difficulty in payments.