Preventing Default
We are dedicated to helping borrowers manage their student loan debt. If you are unable to make your student loan payment, please contact your loan holder immediately for available deferment or forbearance options. We are also available to help you develop a successful repayment strategy and provide detailed default prevention counseling by calling 1.800.358.5460.
You may have a right to postpone your payments if you provide your loan holder with a request for deferment with evidence that verifies your eligibility. A deferment is an authorized period of time during which a borrower may postpone principal or principal and interest payments. Deferments are available to borrowers during specific situations such as: returning to school, unemployment, disability, or economic hardship.
If you are experiencing financial difficulty and you are not eligible for a deferment, your loan holder may grant you a forbearance. A forbearance is an authorized period of time during which the lender agrees to temporarily postpone a borrower's principal repayment obligation. Interest payments continue to be the borrower's responsibility. Forbearances are granted at the loan holder's discretion when a borrower can demonstrate good intentions of repaying but is currently unable.
If you would like to explore other payment options, you may review four repayment schedules as well as consolidation.