Find solutions for student loan repayment problems
Having problems repaying your student loans? Don't panic – you have OPTIONS!
Solutions to common problems
Financial hardship
Forgot to make a payment
- Consider electronic payment options, such as direct debit.
- Service that allows your bank to automatically deduct your monthly loan payments from your checking or savings account and forward it to your loan holder for processing
- Some loan holders offer interest rate discounts if you use electronic debit
Loan is in default
- Review your options, including consolidation, reinstatement of federal financial aid eligibility, and rehabilitation
Monthly payment is too high
Multiple monthly student loan payments
Returned to school after loan entered repayment
School closed and you weren't able to finish education
Too many monthly bills
Transferred to a new school
- Call your loan holder to advise them you are still in school but transferred to a different school. Then, ask the school you transferred to verify your attendance with your loan holder so loans from your previous school will remain in an in-school status.
Unemployed
Other helpful information
Courtesy of
http://mappingyourfuture.org/money/loansolutions.htm.