You can know if your loans are in default by checking several indicators and sources:
- Missed Payments and Notices: If you have missed loan payments beyond the grace period (usually 30 days or more), your loan may be considered delinquent and eventually defaulted. Lenders typically notify you by mail, phone, or email if payments are late or if your loan is in default
- Loan Servicer or Lender Communication: Contact your loan servicer or lender directly to ask about your loan status. For federal student loans, you can log in to your account at StudentAid.gov with your FSA ID to see if your loans are listed as in default
- Credit Report: Your credit report will show if any loans are in default under the negative information section. You can get a free credit report from AnnualCreditReport.com to check for defaulted loans
- Signs of Default: Early warning signs include missed payments, failure to meet loan covenants, overdue taxes or insurance on collateral, and communication breakdowns with the lender. For student loans, default usually occurs after 270 days of missed payments for federal loans or after about 90 days or three missed payments for private loans
- Debt Collector Contact: Being contacted by debt collectors is a strong sign your loan is in default, especially if your original lender has transferred or sold your debt
In summary, to know if your loans are in default, check your payment history for missed payments beyond the allowed period, review communications from your lender or servicer, log into official loan accounts (such as StudentAid.gov for federal student loans), and examine your credit report for default notations
