EDUCATION, School

What To Do If You Can’t Afford Your Student Loan Payment

What To Do If You Can't AffordIf you’re having trouble making payments, don’t ignore your loans. We offer several options that can help keep your loans in good standing, even if your finances are tight.

3 Ways You Can Keep on Track with Loan Payments

  1. Change your payment due date. Do you get paid after your student loan payment is due each month? If so, contact your loan servicer and ask whether you’d be able to switch the date your student loan payment is due.
  1. Change your repayment plan. What you ultimately pay depends on the plan you choose and when you borrowed. If you need lower monthly payments, consider an income-driven repayment plan that’ll base your monthly payment amount on how much you make.
  1. Consolidate your loans. If you have multiple student loans, simplify the repayment process with a Direct Consolidation Loan—allowing you to combine all your federal student loans into one loan for one monthly payment.

If the options above don’t work for you and you simply can’t make any payments right now, you might be eligible to postpone your payments through a deferment or forbearance. However, depending on the type of loan you have, interest may still accrue (accumulate) on your loan during the time you’re not making payments.

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