(Closed) Question about Paying Late on Student Loan

posted 8 years ago in Legal
Post # 3
Hostess
18646 posts
Honey Beekeeper
  • Wedding: June 2009

Usually late payments on any loan aren’t reported until it is late by 30 days.  I would talk to them to see if they will report it and I would ask about the late payment since you never received a bill (I’m assuming you signed up for e-billing and they stopped sending paper statements).

Post # 4
Member
458 posts
Helper bee
  • Wedding: September 2010

Calm down! You should be fine. Just get ahold of them and explain the situation.

Post # 5
Member
4415 posts
Honey bee
  • Wedding: December 2010

Contact the loan company and inform them that you have authorized a payment. They will make a notation on your account. Always communicate with the loan companies when things like this happen. It shows you are responsible and often, if they have accessed a late fee they’ll waive it because you contacted them.

Post # 6
Member
45 posts
Newbee
  • Wedding: September 2011

Yeah, it wont go on your credit score from one late payment. Usually doesnt effect it until it heads to collections (months after non payment).

Have you considered consolidating your student loans to make it easier on yourself? You can sometimes qualify for a better rate too.

Post # 7
Member
2186 posts
Buzzing bee
  • Wedding: September 2010

you should be fine – usually takes 30 days of non payment for it to be reported. I had the same problem once with mine when i switched to online billing i totally forgot about that bill and ended up being a week late. never showed up and showed i was always on time.

they are trying to get the “default” folks – aka the people who never pay on time or pay super late.

you should be ok.

Post # 9
Member
1962 posts
Buzzing bee

I am like 95% sure that you will be fine.  What loan company is it btw and maybe someone here has personal experience.  Also check your statement about the grace period.  Most loans have a 25-30 day period in which no reporting will happen.

Post # 11
Member
1962 posts
Buzzing bee

Ok!  I do have them and they are super shady sometimes.  First, my account is due quarterly instead of monthly, and who is gonna remember that.  Second, I didn’t get a paper notification for my bill and I hadn’t yet set up my online account.  I didn’t find out about my delinquency until I went to buy a car and my credit was a few points lower than it should have been.  The car salesman runs my report and there it is.  ONE FREAKIN OVERDUE PAYMENT OF $120 from AES.  I called them up and kinda chewed em out.  They resent the bill to my direct address and I immediately paid for it.  They told me they couldn’t do anything about my credit report but let me know how to resolve it.  I had to contact my college to get a letter that said the AES bill was sent to an incorrect address and that I had, in fact, paid the (measly) $120.  The delinquency was immediately removed from my credit report.  Your situation shouldn’t go this far but there is hope in the event that it does.  Best of luck.

Post # 13
Member
1962 posts
Buzzing bee

Good for you…but also pay attention to which loans carry the highest interest rate.  Regardless of amount, pay them down quickly.  I have basically the same carriers as you but my big federal loans have rates of like 2%.  I will keep them around for a while to pay back by 5% one.

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