What to Do If You Miss a Student Loan Payment

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We all know that it’s important to pay off our debt. But student loan debt can get ignored when you’re trying to keep up with your other bills and financial obligations. If you happen to miss one student loan payment, there’s no need to panic. If you act quickly, you can prevent your mistake from ruining your credit score and jeopardizing your financial future.

What can happen if you miss your student loan payments

It’s important to understand the consequences of missing a student loan payment. If you have federal student loans, your payment status will immediately change from current to delinquent. If you have private student loans, you might end up in default after missing a single student loan payment (although it depends on your individual loan terms).

You’ll also likely face late fees. The exact amount that you’ll owe will depend on your lender’s policies and the terms you agreed to. But late fees are often a percentage of the missed payment amount.