New Facebook Page for Jason Spencer

Jason Spencer is on Facebook. Join Facebook to connect with Jason Spencer and others you may know. Facebook gives people the power to share and makes the…http://bit.ly/2va3erB

Understanding the Difference between Loan Delinquency and Loan Default by Jason Spencer Student Loan

Fortunately for those with student loans, lenders understand that people make mistakes. Missing one payment and missing several payments are two different issues in the eyes of lenders, and are treated differently as well according to Jason Spencer Student Loan. Loan Delinquency: A loan becomes delinquent the day after the missed due date. The loan remains in delinquent status until the borrower takes an action such as payment, deferment, or forbearance. Loan Default: A loan goes into default when a person fails to repay according to the terms of the agreed promissory note. True, by being late on a payment, you are not adhering to the promissory note. However, there is a time lapse lenders and the federal government will allow before the loan is officially considered to be in default status. For example, most federal student loans will not be moved into default status until after the person has gone 270 days without making any payments. Consequences for One Late Student Loan Payment For now, let’s assume that your loan is delinquent, and that you have only one missed payment […]

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