You CAN find a solution if you can't pay.
If you can't afford your student loan payments, don't wait until you fall behind to seek assistance. Late or missed payments stay on your credit history for up to 7 years.
Simple solutions are available:
Change Your Due Date
Make sure you have money in the bank when it's time to pay your bill.
Reduce Your Monthly Payments
The repayment plan you choose affects the amount you pay each month.
- Postpone Payments
Find out if you qualify for a deferment or forbearance, which allows you to postpone monthly payments.
Combine one or more existing student loans into a single new loan.
Loan Discharge and Loan Forgiveness
If you meet the eligibility criteria for loan discharge or forgiveness, your loan balance will be paid for you.
Take steps to avoid these financial situations:
Keep your loan from entering default and protect your ability to obtain credit in the future.
Bankruptcy could impact your rights and obligations pertaining to your existing student loans, and on your ability to obtain new loans. You should consult a bankruptcy attorney regarding the impact of bankruptcy on your student loans, including whether they may be dischargeable.
Test Your Knowledge
Almost 20% of young adults change their career path because of the significant amount of debt they have.
This is true. Approximately 17% of young adults are so far in the red that they choose to follow a more lucrative career path than their original choice. Careers like teaching and nursing are suffering as a result.Source: SmartMoney, 2010