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What does it mean to "default" on my private student loans?

Private student loans often go into default as soon as you miss three monthly payments (120 days). You can also default on a private student loan if you declare bankruptcy, default on another loan, or die.

You should review your private loan contracts carefully to better understand what rights you have if you are worried about going into default. If you have not received a letter from your servicer and you believe you may be in default, you should contact your servicer immediately to discuss repayment options and to determine if it is possible for you to avoid default.

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