Cheryl Winokur Munk

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643 appearances 14 recordings 1 series first heard Mar 2018 last heard Nov 2024

Cheryl Winokur Munk’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Penalties for Missing a Single Student Loan Payment · 28 Oct 2019 podcast

Then they can match up those loans with the ones listed on their credit report from

Experian, TransUnion.

The loans that aren't listed in the National Student Loan Data Systems database are most likely private loans.

Well, with federal loans, a borrower becomes delinquent the first day after missing a payment.

So even if the borrower misses his payment and then starts making payments again, that account remains delinquent until the borrower repays that past due amount or makes other arrangements.

So those other arrangements might include deferment, forbearance, which let you temporarily halt or reduce monthly payments or changing repayment plan.

Borrowers who have a federal Perkins loan, which not everyone will, but borrowers who have this specific loan could be deemed in default immediately after missing just one payment.

Potentially.

The government has a lot of options if you're in default.

Once you're in default, borrowers can no longer receive deferment or forbearance, and they lose eligibility for other benefits, such as choosing a repayment plan.

The other issue is that the entire unpaid loan balance and any owed interest will be due immediately.

And then, of course, another increasingly likely consequence is wage garnishment.

And even tax refunds can be garnished as well.

That's true.

And professional licenses as well.

There are at least 18 states where default on federal loans can mean suspension of a driver's license or a professional license.

So it's a pretty big deal.

It can be.

It really depends on the lender.

Some lenders consider private loans to go into default as soon as the borrower misses a payment, or some lenders consider private student loans to be in default after borrowers are delinquent for, say, 120 days.

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