Defaulting on that loan means that you’ve missed repayments such a long time which you’ve broken the repayment agreement together with your lender.
This will use to student education loans, signature loans, credit vehicles, automobile financing, mortgages, and much more. Basically, any loan you are taking away could be defaulted on if you stop having to pay. You will find severe, durable effects to defaulting on your own loans, not all defaults are equal.