Default happens when the borrower has failed to repay a loan. For the FFEL and Direct Loan programs, your loan will go into default if you fail to make a payment for 270 days, if you repay monthly (or 330 days, if your payments are due less frequently). Your lender will then report the default to a national credit bureau. Default is harmful to your credit score.
Options are available to help
Most people do not realize that there are programs designed to help those who may be struggling with their student loan payments. Thousands of borrowers have trusted Ameritech Financial to be their advocate. Click here to find out what options are available. Our services could help you get back on track.Get Started Learn More