How to Handle a Late Student Loan Payment

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The timeline of how a missed student loan payment works will vary from lender to lender.

If you’re dealing with a private student loan, the terms of your loan may spell out exactly how late payments are handled. Government-backed loans may as well, but check with your loan servicer to be certain.

Either way, as soon as you have missed a payment, your student loan status changes from current to “delinquent.” You will not be changed back to “current” until you take action. This means making that payment or requesting a deferment or forbearance on your student loan.

According to a report by, roughly 7 percent of federal student loans are currently delinquent. In fact, 70 percent of those late student loans are 90 or more days past due.

If you are among that 7 percent who have missed a payment, you must act fast; there are major consequences that happen when you do not pay on time. They include:

Late fees from a missed payment

During the first month of a missed payment, you may be charged a late fee penalty. When this occurs and how much of a hit you’ll take depends on the loan servicer.

For example, a $400 student loan payment may be charged a 5 percent late fee after 30 days, which means you could owe up to $20 extra. And late fees continue to add up as long as your account is delinquent.

Late student loan payment and your credit score

At the one month mark of missing a student loan payment, your servicer may now start to report your student loan as delinquent to the major credit bureaus.

Federal student loans report to all three after 90 days while other servicers might report to only one after 45 days. For every 30 days your payment is late, your delinquency will continue to be reported — which only makes the situation worsen as time goes by.

A late student loan payment reported on your record will reduce your credit score and may affect your ability to take out new credit (such as get a new credit card or car loan). If you have credit card debt, you may also see your interest rates rise.

In other words, that one missed student loan can now affect the rest of your debts.

After 270 days of missing a student loan payment, your loan goes from “delinquent” to “default.” Defaulting on a student loan is a huge deal.

Unlike delinquency, which still leaves you with a few options, defaulting means that your student loans are due in full and with any accrued interest or fines and penalties (such as fees charged by collection agencies).

Additionally, the government can begin garnishing your wages by up to 15 percent or even take your tax return in order to cover the costs of your missed student loan payment. And, believe it or not, your servicer could actually sue you.

Delinquency and default can be incredibly damaging for a cosigner as well. Once you are delinquent on a cosigned student loan, your cosigner’s credit will be severely impacted and collections may come after them or their property to recoup the loss.

Steps to take if you miss a student loan payment

No matter how late you are, your first step must be to reach out. Call your student loan servicer and admit to your mistake. It can be scary to make the first move, but taking responsibility for your inaction can actually help you redeem yourself.

If you have a late student loan payment because of a financial hardship (such as a medical emergency or job loss) your servicer may actually be able to help. They can assist you in applying for deferment or forbearance, which can postpone or reduce your payments based on your situation.

If neither program is right for you, or you just want to get your student loan payment back to current, your service representative can walk you through the steps (including the fees) you will need to make.

Avoiding a late student loan payment in the future

Late student loan payments happen. Whether it’s because you were unable to pay this month or you simply forgot, it’s time to set up strategies that can help you avoid all the hassle in the future.

Your best course of action is to set up automatic student loan payments. Lenders love when you sign up for automatic payments — so much that they may offer a reduction of your monthly interest rate for signing up.

And if your credit took a hit because of a late payment, having a consistent and automatic payment can help your score bounce back more quickly.

If automatic student loan payments aren’t an option, consider changing the due date of your student loan to a date that lines up with your paycheck. Many student loan providers will give you this option.

Another strategy is to simply organize your finances in a way that will help you better remember due dates. If you are not great at keeping track of paper mail, sign up for estatements or email notifications of your loan’s due dates. If you rely on your phone to keep your dates straight, set up calendar alerts (or even an alarm) that will consistently remind you that your payment is due.

The concept of poker of the day. Protect your bankroll!

There is a game in which you are sure that you are better all the rivals. You can not lose. You have been watching the table and everyone is playing very badly. It seems that they are willing to give their chips to the first player with some knowledge that is felt at the table. There is only one small problem: the table is totally off your bench. If things went badly you could lose all your bankroll, but the possibility is so tiny that you decide to go forcing yourself. You will have a raise in your bank that will make you take an important leap in your career.

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You just got up after a long night of poker. Even in bed you open your eyes and remember what happened last night. What a departure! It was amazing how bad the rivals were. You had them in your hands, they did what you wanted, but why do you have that bitter feeling? You look at the cashier of and you see that it is zero. In the end, after playing the best poker of your life, you lost. You got up without a single file. All the rivers went upside down. In all the coolers you had to lose. If you could play another day, surely you recovered what was lost, but you had put all your banking in play. And you lost it. And there is no more poker for you. You did not take into account the concept.

Protect your bankroll at all times.

I know many players who are not among the best in the world technically, who make you doubt that they can live from poker, but in reality they have been playing and winning for a long time, and they also live very well.

Their main quality and what they base their game on is a correct control of the bank. They will never lose the money they have available to play. They will change their level, depending on their bank and the difficulty of the rivals, but they will never take risks that endanger their banking.

They will never put their banking in play. No matter how attractive the game is. It does not matter what money they can earn. If the cost is risking the bankroll, they will not take it. They are very clear that banking is life. They are professionals who take poker as a company. If the company runs out of money disappears. If the poker player loses his bench, he disappears as a professional.

On the other hand, I have seen many talented players not being able to develop a race because they have no control over their bankroll. They entered games too high for their bench and a stroke of bad luck made them lose and have to start again from very low, wasting time and money. In the end, it did not motivate them to have to rebuild their bench and ended up quitting playing. A promising race finished for not having controlled the bank.

And there are many more of the second than of the first.

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And the amateurs

If you do not dedicate yourself professionally to poker, you would also have to maintain a separate bank to play and stick to it. You can have a little more flexibility, since every month you have the salary of your work with which you live, and in case you lose part of the bank you can fill it with your private money, although it is not advisable to get used to that.

If you decide to recharge your bank with private money, do not make it a habit. Actually, from now on you should never do it. The bank must be independent of the money used to live, and never mix it with the latter.

If your illusion, like that of all players is to participate in the most important tournaments, it is necessary that you keep a bank that grows.

The magic of banking is that it grows with your knowledge of the game. As you master a level, you will gain more and your bankroll will increase. When you raise to a higher level, your bank, in proportion is smaller, your game is not so superior to the rivals. As you continue to improve, your bank will increase.

Do not play outside the banking or knowledge level. Just as you do not sit in a game in which you do not have the level of knowledge and you look inferior to the rivals, do not do it in a table for which you do not have sufficient banking.

The concept

Definitely. Your bank is your life. Without a bank, you will not be able to play poker. Protect it first. And remember that whatever the level of your bank, you will find tables or tournaments suitable so you do not miss your rules.

Mathematics and poker. First Steps

You know perfectly if to pay or not an all-in on the turn, you calculate the cards that are worth you, multiply that number of cards by two and that is the percentage of times that one of your cards will come out. Compare with the chips that you will win with your bet and if you rent you pay and if not, you throw away.

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We can do the same on the flop, the only thing we have to change is the multiplier. Since there are two cards that have to leave, you have to multiply by double, by four.

The rule

In the previous article you learned that each card has, approximately, a 2% chance to appear on the river. It is not very complicated to deduce that on the turn the possibilities are the same. Actually the difference is 2.17% on the river and 2.13% on the turn, but you can round 2%. To calculate the chances of a card coming out on the turn or river, you arrive at an approximate result adding the possibility of it coming out on the turn and the possibility of it coming out on the river, which would give you 4%. By this, you can multiply by four the cards that would be worth you in the flop to win the hand and you would have the percentage of times that one of those cards will come out on the turn or on the river.

Surely with an example you understand it better:

In your hands you have A? K? and on the flop 7? 6? 2 ?. Clearly, if a trefoil comes out on the turn or on the river you can consider yourself the winner of the hand. As you learned in the first article of this series, there are nine clubs that could be on the turn or on the river. Using the rule of four you get 36% (9 clubs x 4) of chances that your color will be completed.

Now, you simply have to calculate the pot odds and see if it is profitable to pay or not with this hand the bet that the opponent makes.

To make the calculations easier, 36% of the chances of taking the boat can be adjusted to 33%. This 33% means that you have a third of options to take the pot. If you express it as odds, you know that you have a chance in favor of taking the pot and two possibilities against it. This is expressed as 1 to 2.

So if you have odds of 1 to 2 you need the pot odds to be equal or better than those so that it is profitable to pay the opponent’s bet. That is, you need to win two chips for each one you bet. This is one of the easiest situations to calculate, because a bet of the size of the pot would leave you just odds of 1 to 2. It is the pot plus the bet of the size of the rival’s pot, these are the chips that you would win if your hand and you would have paid this pot size bet

As you can see, on the flop you can pay bigger bets with positive expectations, but you can not forget that they have to be all-in bets. You have to be sure that there will not be any more bets, and the only way to do it is if you or your opponent are all-in.

If there was the possibility of betting on the turn, you would make a very big mistake since you are calculating that two cards are going to come out, when in fact the turn card comes out and the same you have to face another bet.

The rule of four is only appropriate when the bet on the flop is all-in and there are no players who can make more bets.

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If there is an all-in on the flop, and you have a project, count the cards that make you win, multiply that value by four and the result of that multiplication is the percentage of times your project is going to complete and you will win to carry the boat.

Compare that percentage of times you will win the hand with the relationship between the pot you can win and the bet you have to make.

If the pot odds are better than the odds you have of winning the hand, you pay the bet; Otherwise, you throw yourself away.

Do not forget, although it seems reiterative, that this rule is only valid when there will be no bets on the turn and on the river.

Sit and Go. Your first step in poker

You have already been warned about the cash. Be careful. The pasta that you put on the table is what you play, and in one hand you can lose everything you have put. So you do not feel like sitting on those tables until you have mastered both the game and the application.

The tournaments are what most people play. Pure competition. It is what you most want to play, but you have a problem, you can not spend a lot of time playing. You know that if things go well, it will be two hours of play but they can go up to seven. So you discard it until the weekend, in which you can spend the necessary time.

For what if there is time in a little while in the afternoon is to take a sit and go. The tournaments of six people that, in their superturbo version, last about twenty minutes maximum.

Sit and go. Your first step in poker.

You do not have much time. So you start by signing up for a super-turbo sit and go. You know that it lasts twenty minutes, this means that they are not going to hand out many hands, so each of them is very important. An error in one hand and out, you are eliminated.

They sit you at the table and you see in front of you the 500 points you receive in exchange for your registration. Opposite, you watch your five rivals. You know you have to be between the first two to enter prizes. The first clear objective, enter the prize area, be between the last two of the table. Once there, it’s when you have to think about winning the sit and go and take the first prize. But you can not forget that the important thing is to be among the players who charge.

Blinds start at 15-30, and they increase every two minutes. As you can imagine, you can not leave many hands without playing because the blinds will soon be big. But this does not mean you should play all kinds of hands, because losing a hand is almost equal to being eliminated.

What hands play in the first levels?

In the first levels, you have to limit yourself to playing the best poker hands . The goal is not to get into trouble. The blinds are very small and not worth attacking, the prize is very small compared to the risk.

In this type of sit and go you will not have many blinds, so you have to keep in mind that it is much more important to save chips than to win them.

These first levels pass quickly, but they are very important. You can shoot two, three or more laps without seeing anything playable. Keep calm.

You always have to take advantage of the mistakes of the rivals, and the one that repeats the most is “limpear”, equaling the blind. Each round you will be once in the big blind and many of them, the rivals will not raise and give you the opportunity to see the flop for free. When you are lucky and the flop is with you, you will take a considerable amount of chips.

That is your plan for the first levels. Wait for the good and take advantage of the times you are in the big blind and the rivals equal. Your goal is to lose the minimum amount so that in the middle phase you can:

  • Get an acceptable amount of chips when you double.
  • Have strength when you need to steal the blinds.

Keep in mind that the middle phase arrives fast, and any raise commits all your chips. You can not make a raise and then throw yourself. We give an example for you to see:

Imagine that the blinds are at 30-60 and you have been able to go up to 600 points. You make your raise to 180 and the opponent, who has more points than you, decides to go all-in.

Let’s calculate:

  • Small blind: 30
  • Big blind: 60
  • Your bet: 180
  • The amount that puts the opponent to equal: 180
  • Boat: 450 points

You have to put the rest of your chips, which are (600 – 180) 420 points to win the 450 points of the pot plus the 420 that you would take from the opponent, a total of 870 points. This gives you odds of 1 to 2.1. You would have to win a third of the time to make it profitable to pay. And going all-in preflop, unless you have come up with a totally disastrous hand of type 7❤2 ♣ or similar, you will make an unforgivable mistake by throwing yourself.

So you know, from the middle of the tournament , if you do not want to play all the chips, do not upload. Or what is the same, if you go up you have to be willing to pay the all-in of any rival.

This has two exceptions, when you have few chips and your only move is all-in, or when you’re the outstanding leader in chips and you can afford to lose some chips without you practically noticing.

In the first case, when you do not have almost chips you have to:

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Steal the blinds or fold

If you can not play any hand, and you see that you are losing the blinds, it is time to put the chips in the center and take the blinds or fold.

To take the blinds, you only need to put the chips in the center. If you throw the rivals at the poker table, you take the blinds, if they do not throw you do not take them. So it does not matter much what hand you have, you only need that the rivals do not dare to pay you.

But on some occasion the rivals will decide to pay you. In this case, the better your hand is, the more chances you will have to fold.

When it comes to stealing the blinds, you have to keep in mind what will happen when they pay you, so the risk of being eliminated has to be compensated with the benefit of taking the blinds. The higher the blinds are relative to your stack, the more risk you can take. If the blinds are high, you can steal with a worse hand than if the blinds are low.

Bearing this in mind, as you run out of chips, you increase the range of hands with which you will go all-in to steal the blinds. In sit and go superturbo, when you stay with five big blinds you have an ace, or a king if you are on the button, to put all your chips. It does not matter the other letter. If you are in the small blind and what you have seen of the big blind player, do not think it is very pay, you can put all your chips with any pair of cards to take the big blind and recover your small blind.

Keep in mind that you can not get to stay with two blinds, because you would lose the strength of your bets. Before getting to this bad situation, you have to go all-in to steal the blinds, with the risk of being eliminated. It will always be better than staying with so few blinds that they pay you any bet.

To avoid running out of strength, you have to increase your hands with which you will play all the chips as you run out of points.

With more chips than the rivals

In the case that you have many more chips than your rivals, you have to make life impossible for them. As usual there are three players left, you have to take advantage of the fact that the rivals are waiting for the other one to be eliminated. They will not risk waiting for the opponent to be eliminated and enter prizes.

You, who are not afraid of being eliminated, have to take as many chips as possible to have an almost insurmountable advantage in the final hand. You get this by raising all hands. Putting the rivals all-in. Each hand you take the blinds, unless one of the rivals has a very strong hand, but this almost never happens.

In the event that one of the rivals pays and wins the hand, if you still have the same advantage, you keep pressing. If, however, you stay more or less tied to chips to one of the rivals, change your strategy and play as in the middle phase of the tournament, reducing your range of hands and avoiding the opponent who has the same points as you.

Gran Domingo Anniversary Tournament with € 200,000 guaranteed

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This weekend I was playing online poker in the Gran Casino de Aranjuez. Among the different topics of conversation I had with the players, the Anniversary Tournament stood out.

There were doubts that stalked the players. See that the Great Sunday had € 200,000 guaranteed when it was usually € 20,000 what was distributed as a minimum had in the hands of the players. They could not believe that everything was good news. They believed that there was a cat locked somewhere.

They were surprised that the buy-in was still € 100. “But, are you sure that they will be only € 100?” I answered yes, that last year we already gave € 100,000, 1,500 players participated and we distributed € 157,600; so this year we put a major challenge, € 200,000 guaranteed and see if we reached the 3,000 participants.

“You’re crazy!”
“You’re not going to arrive.”
“But if we do not arrive, it’s good for the players” – he answered them. “If you do not reach the guaranteed is better for you because puts the amount that is not collected and if the guaranteed is exceeded the prizes will be giant”.
“Yes. But in the end it’s all for those who have more to spend, because if I can not afford a tournament of € 100, I do not care that they give € 20,000 or € 200,000. ”
“Take a look at the Anniversary Tournament page and you will see that you can qualify for free or for very little money.”

From always, has been dedicated to the amateur player, to those who like Fernando Pons, play for pleasure; those who have a job and have a hobby that is poker. That is why we care about players who do not want to play a lot of money; that’s why we have the best satellites.

But the best satellites vary according to the type of player and, therefore, we have prepared a calendar for all pockets.

The bulging pockets do not have to worry, they pay the € 100 entrance, and on November 6 at 20:35 they start playing.

The medium pockets have satellites of € 18, which are the simplest to classify.

In the case of the shortest pockets, there are satellites of € 1, several per day and that you qualify to € 18. So for only € 1 you have a fairly simple way to get to play the best tournament of the year.

And finally, for empty pockets, there are freerolls with tickets to both the Anniversary Tournament and the different satellites of € 1 and € 18. And no, it’s not a weekly freeroll that happens to match the day you’ve been with your friends and you have to choose. You have 15 freerolls a week.

Each day two freerolls with € 500 in tickets, a direct ticket to the Anniversary Tournament, 15 tickets to the € 18 satellites and 134 tickets to the € 1 tickets.

And on Sundays, in addition, a € 1,000 freeroll in prizes with 7 tickets to the Anniversary Tournament, 14 tickets to the satellites of € 18 and 49 tickets to the € 1 tickets.

In short, if you do not classify, it’s because you do not want to. With all the satellites there is impossible not to play on November 6 at 8:35 pm the Anniversary Tournament with € 200,000 guaranteed.

“And we go to the table that is going to finish the break and I eat the blinds. We are in a bubble and I am short, short. Let’s see if there is luck and I enter prizes “.

In the end, I was in 17th place, although I was about to be a bubble as it happened to me three years ago.