 TITLE: Your Options for Getting Out of Student Loan Default CONTENT: What Is Student Loan Default?\n-----------------------------\nStudent loan default is what happens when you've neglected to make payments toward your student loans for a certain period of time. The time it takes to default and the repercussions of doing so will depend on the type of loans you have.\nFor most federal loans, your student loan servicer will report your account as delinquent to the credit bureaus after 90 days of nonpayment, and you'll be considered in default after you haven't made payments for 270 days.\nWhen you default, the whole loan balance comes due. At that point you can either pay it in full or choose a default-repair option through the government. To collect your unpaid balance, the government has the power to garnish wages directly from your paycheck and to withhold your tax refunds. Additionally, records of late payments, delinquency and default all will damage your credit and stay on your credit report for seven years.\nPrivate loans can go into default much faster—even after your first missed payment. (The same is true for federal Perkins loans.) While private lenders can't withhold your pay or tax refunds without a lawsuit, they could sue you to collect the debt. Defaulting on a private loan also means you'll be subject to collection fees and immediate payment of the balance. And just like with a federal loan, your credit will suffer as a result of private student loan default. END