If you are already in default, then your credit rating can affect your ability to take on home or car loans, credit cards, or even to get an apartment. According to official documentation, once you’re in collections any payments made will not improve your credit score. Once you fall into default, the entirety of your loan will be due immediately, but this stage is usually only reached after 270 days of non-payment.
Your other options in this regard are a switch of payment plans, a change to your payment due date to one more suited to you, or even going as far as deferment or forbearance.
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