How to Know if Your Student Loan Is Delinquent
When you have a student loan that is approaching repayment status, your lender will send you an initial notice detailing a payment date as well as the amount that you must pay. The day after your payment is due, your loan becomes delinquent or late. If you are not sure if your student loan is delinquent, you need to take action before it goes into default and negatively affects your credit score.
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Instructions
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Verify the date of your payment on your student loan statements from your lender. Look for the words "Due Date." If you don't receive paper statements in the mail, look on the lender's website to find out your payment due date. Or you can call your lender and request the information.
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Look in your mail for past-due notices from your lender or be aware of calls from the lender. If you have Caller ID, you can look each day to see if you have received a call. During the 15 days after you miss your payment, the lender should send you a letter notifying you that your payment is late.
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Speak to the lender to make arrangements to bring your student loan account current. Ask about any penalties or late fees that you may have incurred.
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Tips & Warnings
When you speak to a representative of your lender on the phone, ask for the person's name. Record the date and time of the call as well as any important information.
If you don't receive your monthly statement, you still owe the agreed upon payments on time.
If you don't make a payment on your student loan for 270 days, your loan will be considered in default. You may not receive any federal income tax return monies that are due to you and your wages can be garnished to help pay toward your loan.
