While the terms student loan delinquency and default are often used interchangeably, key differences between the two vary by loan type.
Federal student loans: If you miss a payment on your federal student loan, the loan will be considered delinquent. However, the loan won’t default until after approximately 270 days of missed payments.
Private student loans: Since private lenders can make up their own rules, it can hard to define the differences between delinquency and default. Many lenders will consider your loan delinquent after a missed payment, putting your loans into default after 90 days of missed payments. However, some lenders automatically put your loans into default after just one missed payment.
Review your loan contract to understand your lender’s specific penalties regarding late and missed payments.