If you get a private loan through Wells Fargo (eLoan) or any of the other lenders, the default period can be as little as 31 days late! When you sign a promissary note for student loans, the details are all provided there for defaulting and what happens if you’re late with payments, etc. Most of us don’t even read these things when we’re signing for our student loans- but if you find yourself having trouble keeping up with the payments after graduation, make sure you go back and find out the details of your loans!