What Happens When You Miss Student Loan Payments
Student loans are different in some ways than other loans. Missed payments on federal student loans will make you delinquent, and after nine months will put you in default. Default means you owe the entire loan amount immediately. If you have a private student loan there is no delinquency period. You go into default immediately upon missing a payment. Late payments on either type of loan can lead to extra fees and within a couple of months a report to the credit agencies. This report can lower your credit score. Another consequence is that by being delinquent or in default, you may face paying higher interest.
Work with Tax Refund Lenders to Make Payments
If you know that you will have a refund coming from your taxes, but it won’t come soon enough to make your student loan payment on time, you’re in the perfect situation to work with tax refund lenders. These lenders offer loans that provide quick cash to help you out with just this kind of money problem. You don’t even have to have a refund to get approved, but it may help you feel better about borrowing. It is essentially getting the refund money you’re owed sooner so that you can put it to effective use on your student loan.
Talk to Your Student Loan Lender
Another thing you can do to resolve the situation is to call the lender for your student loan. Ignoring the problem is the worst thing you can do, and if you tell your lender what your situation is, they may actually work with you. Tell them you can make the payment soon, thanks to tax refund lenders, and they might agree to waive any late fees or reports to credit agencies.
Applying to Tax Refund Lenders
Whether you have a good conversation with your student loan lender or not, you can get started with tax refund lenders immediately. With an online application and mobile app, they are available at all times of day and even on the weekends. Apply soon to get approved and to get the cash you need to make that important payment. Applying is simple. You’ll just fill out a short application and then wait a couple minutes to get matched with a lender and to get an answer. With approval, expect the money to be in your bank account by the next business morning so you can get the payment in and resolve the problem.