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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
- Inquire about alternative repayment plans
- Request an economic hardship deferment
- Request forbearance, if you’re not eligible for a deferment
- 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
- Inquire about alternative repayment plans
- Consider loan consolidation
- Multiple monthly student loan payments
- Consider loan consolidation
- Returned to school after loan entered repayment
- Request an in-school deferment
- School closed and weren't able to finish education
- Review your eligibility for closed school discharge (loan forgiveness)
- Too many monthly bills
- Inquire about alternative repayment plans
- Request an economic hardship deferment
- Request forbearance, if you’re not eligible for a deferment
- 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
- Request an unemployment deferment
- If you're not eligible for an unemployment deferment, inquire about an economic hardship deferment
- Request forbearance, if you’re not eligible for a deferment
- Consider alternative repayment plans
Other helpful information
- LoanWizard: Interactive guide to student loan problems, helping you find answers on Mapping Your Future.
- Understand your repayment terms
- Calculate your loan payments
- Troops and their families: Get advice
- Explore your loan options while continuing your education
- Understand loan cancellation, forgiveness, and discharge
- Avoid delinquency and default