What happens if I miss a student loan payment?

If you miss a student loan payment, it is important to take prompt action to avoid any negative consequences. Your loan may be considered delinquent if the payment is not received on time, and you could incur late fees. Delinquency can also affect your credit score, making it harder to secure future loans or credit. Continued payment failure may result in your loan being classified as defaulted, leading to even more severe consequences like wage garnishment and potential legal action. However, there are options available to assist you in getting back on track, such as contacting American Education Services to discuss repayment plans or deferment/forbearance options. It is vital to communicate with your loan servicer to find a solution and prevent further financial difficulties.