One of the easiest ways to start getting student loan help to pay off student loans is to refinance your loan so that you combine it into one low monthly payment. Repayment options on paying back student loans offer you the opportunity to pay back loans based on your financial situation at the time.

Student Loan Help to Avoid Default

If you're to the point where you can no longer make your payments, student loan help may be able to keep you from defaulting. Learn what happens when you default on student loans and how you can avoid it here.

The Costs of Defaulting

The consequences of student loan defaults are serious and costly. If you are struggling with the repayment of your education debts, you should seek out student loan help before the situation becomes unsalvageable. Here are just a few of the consequences of student loan default:

  • You will never again receive financial aid
  • The IRS can withhold your income tax refunds and apply the money to your delinquent education loans
  • Once you are in default, you will owe the entire balance of the loan at once
  • The government can legally compel your employer to garnish 15% of your income in order to repay your debts
  • The default will remain on your credit report for as many as seven years
  • The government will bill you for collection expenses, up to 19.5% of the outstanding balance

Avoiding Default

If you are in danger of defaulting on your student loans, here are some things you can do:

  1. Ask your lender if you can change your payment due date. Your lender may allow you to change the day of the month on which your student loan payment is due. Changing the due date may be especially helpful if your student loan payments always seem to coincide with other major bills, such as your mortgage or rent payment.
  2. Revise your repayment plan. One form of simple student loan help involves restructuring your payment plan. More than likely, you are on a plan now that has the same payments every month. If you contact your lender, you may be able to switch to a graduated payment or income-sensitive payment schedule to reduce your monthly burden.
  3. Think about consolidation. Student loan consolidation can help make your monthly payments more manageable by extending the term of your loans and/or reducing your rates. You can find several student loan help calculators online that will give you an idea of what your payments will be like once you consolidate. Do some research and figure out if consolidation will benefit you.
  4. See if you're eligible for forbearance or a deferment. Your loan contracts may contain provisions that allow you to qualify for deferments or forbearance in certain situations. For example, some loans let borrowers defer payments if they are unemployed, attending school at least half-time, or experiencing economic hardship.

If you have any questions or inquiries, please find your answers on our Frequently Asked Questions page.