Trouble Making Payments

Life Happens

We know that you have the best intentions of making your student loan payments on time but sometimes circumstances arise that make it difficult to keep on track. Unexpected changes like the loss of a job, medical expenses or other situations can take a toll on your finances. We are here to help.

Top things to do when you can’t pay your student loan:

  1. Don’t just stop making payments
    When you fall behind on your payments, you are considered delinquent on your loan. Missing payments or late payments can affect your credit rating as well as jeopardize any cost saving benefits that you may receive. There are serious consequences for not making your student loan payments.
  2. Contact us to find a resolution
    We care about your situation and will do everything we can to help you find a good option for your financial situation to help you preserve your credit.
  3. Look at your loan repayment options 
    Changing repayment plans can help you with lower monthly payments to fit your budget.
  4. See if you are eligible for Loan Consolidation or Forgiveness
    Consolidation will combine all of your federal loans into one with a longer payment period and if you qualify with certain circumstances your entire loan can be cancelled.
  5. Postpone and delay your loan payments with Deferment or Forbearance options
    Temporarily stop or reduce the amount you pay on your loans.
  6. If you are a Military Service Member, a Teacher  or are in other qualifying non-profit Public Service jobs there are special programs for student loan forgiveness.
    See what loan forgiveness and repayment options there are for military, teachers and non-profit public service jobs. 

Delinquent and Default – Don’t Do It

Your loan will be considered delinquent if your full payments are not received by the due dates. You may be charged late fees for delinquency. You also can lose legibility for loan benefits like interest rate reduction. Your loan status will remain as “delinquent” until you make up the missed payments through deferment, forbearance or by paying.

A delinquent loan goes into default after you have not made a payment for a longer period of time (270 days for federal loans). Defaulting on student loans has serious long term consequences.  Once your student loan is in default, the entire current balance becomes due, not just the missed payments.

Contact us as soon as you know you are going to have problems making your loan payments. We will work with you to find a way to keep your loan in good standing.

If you are in are in Default there are still things you can do to get back on track. We want to help you rebuild your credit and also make sure your student loan payments are manageable.


Learn more about what you can do if you are having trouble making your student loan payments: