Default: Student loan default means you did not make payments as outlined in your loan’s contract. Default timelines vary for different types of student loans. Most federal student loans enter default when payments are roughly nine months, or 270 days, past due. Federal Perkins loans can default immediately if you don’t make any scheduled payment by its due date.
Past Due: The first day after you miss a student loan payment, your loan becomes past due, or delinquent. Your loans are in this status if you have missed a payment without making other arrangements like deferment or forbearance. This is a delinquent status prior to a loan going into default.
In School Deferment: A status that can be requested/granted to borrowers who are enrolled at least half-time at an eligible college or career school that allows the borrower to stop making payments for the deferment period.
COVID-19 Repayment Pause: Since March 2020, payments have been paused for most federal student loan borrowers due to the pandemic. Payments are currently due to resume after 12/31/22. Each paused month will count as a qualifying “payment” toward PSLF, even though no payment has been due, assuming the borrower has had qualifying employment. Please note that technically the payment pause is an “administrative forbearance.” You may see in written materials about PSLF that forbearance periods do not count toward PSLF. This is generally true, but the COVID payment pause is an exception.
Actively Making Payments: Borrower has been making their monthly loan payments.
Contact Info for Sending Information
Would you prefer that I text or email you the weblinks? (**Agent, please go to 211ct.org now and text or email the resource before moving on.)
Contact Info for Notification of Biden Loan Forgiveness Program Details
May I please have either your phone number or email so you can be notified once the details of the Biden loan forgiveness program are available?