There is a grace period for late payments! The grace period is 15 days from the payment due date to avoid any late fees and 30 days from the payment due date to avoid any negative credit reporting.
Late payments will stay on your credit report for seven years.
Late payments are $5 or 5% of the past due to payment, whichever is less
If you are 120 days past due the total amount of the loan will be due.