Got Student Loans? Here’s How To Protect Your Financial Health

who owe a collective $1.6 trillion. These loans are a big part of the discussion about Millennials’ financial prospects and have become a major issue on the 2020 Presidential campaign trail.

The longer you go without making a student loan payment, the more it will hurt your credit score. One payment that is 30 days late could result in a drop of as much as 90 to 110-points, for a consumer who has , if paid in full. The cap was put in place after the Department of Education was sued in 1995 for charging up to 43% collection costs on borrowers whose promissory notes specified 25% collection fees.

Loan rehabilitation removes defaulted loans from credit reports completely, as if the default never happened. While delinquencies prior to the default will stay on the report, they have less damaging effects on a credit score than the default. Borrowers only have one chance to get a loan into rehabilitation, unless they previously completed the program on the same loan prior to August 2008.

4. If you’re late recertifying an income-driven repayment plan, the outstanding interest will capitalize. REPAYE, PAYE and IBR participants need to recertify their plans each year. This means borrowers must submit documentation about their income and family size to the Department of Education by a deadline each year. This information is then used to calculate eligibility for income-driven repayment and calculate the new monthly payment.the outstanding interest on their loans will capitalizeIf you’re on an income-driven repayment plan, be sure to recertify on-time each year.

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