If you’re among the millions of borrowers who haven’t made full, on-time federal student loan payments after the on-ramp period ended Sept. 30, 2024, take action now. Otherwise, your loans may default in July or August.

Once a borrower’s payments are 270 days past due, their student loans default . That status can bring serious consequences, including wage garnishment, damaged credit and lost access to affordable repayment plans.

Nearly 5.6 million borrowers were between 91 and 180 days behind on their payments as of March 31, per Department of Education data. That means they’re at immediate risk of defaulting this summer. These are borrowers who were in good standing before the pandemic but who haven’t gotten back on track since payments resumed.

Five million student loan borrowers

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