Regulatory compliance is an organization's adherence to laws, regulations, guidelines and specifications relevant to its business. Violations of regulatory compliance regulations often result in legal punishment, including federal fines. Download this free guide.
If you fail to meet the terms of your loan and make your scheduled payments, your loan will eventually go into default. After you are 270 days delinquent, your lender can file a claim with the guarantor of your student loan(s). This means that the guarantor will pay the money you owe to your lender. The guarantor will then be responsible for collecting your loan on behalf of the federal government through a variety of options.
Late Payment Definition. You might miss your mortgage payment due date without receiving a late payment on your credit record or affecting your eligibility for a refinance. For example, most lenders report to the credit reporting agencies once your payment is 30 days late or more. If your payment due date is the first day of each month, the lender will report you if it doesn't receive payment by the first of the following month. You can make a payment before the lender's grace period expires -- usually 15 days from the due date -- without a late payment fee or impact to your credit.