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Quick summary Detail Value Grace period after school 6 months for most Direct Loans Delinquency starts Day 1 after a missed due date Credit reporting At 90 days delinquent Default — Direct Loans / FFEL 270 days past due Default — Perkins / institutional After ~270 days, varies Consequences of default Wage garnishment, tax refund offset, Social Security offset, loss of forbearance options Source verified May 2026 Federal student loans are different from other debts Federal student loans (Direct Loans, FFEL, Perkins) are different from most other forms of consumer debt in several ways: ...

Quick summary Detail Value Grace period ~15 days after due date Late fee Up to $25 (varies by loan and state) Credit reporting At 30 days past due Default Typically 120 days past due Consequences of default Lawsuit, judgment, wage garnishment (with court order) Source verified May 2026 Sallie Mae is a private lender This is critical to understand: Sallie Mae is a private student loan lender, not the federal government. Federal student loans are run by the US Department of Education. Sallie Mae is a publicly traded private bank. ...