If you can’t afford your student loan payment, the BEST thing you can do itchange your student loan repayment plan to something that’s more affordable. Most people simply don’t realize the options – especially the income driven repayment plan options.
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Can’t afford to pay your student loans?
Sadly, too many people don’t take action with their student loans – even if they can’t afford it. That’s why over 11% of student loans are delinquent according to the Department of Education . But simply ignoring it or going into default isn’t the solution.
What should I do if I miss a student loan payment?
But, before you miss a payment, you need to try to get a deferment or change your repayment plan to something you can afford. Most of the time I see people missing payments it’s simply because they don’t know a cheaper alternative to their student loan payment exists.
How can I reduce my student loan repayment?
For federal student loans, there are several repayment plans available to reduce your payments, including: You may also be able to postpone your payments under deferment or forbearance.
What happens if I Can鈥檛 make my loan payments?
If you are having trouble making your loan payments, contact your servicer to explore all of your options that might help to make your payments more affordable, including income-driven repayment (IDR) plans. IDR plans may lower your monthly payment, possibly as low as $0, because your payment amount is tied to 10% 鈥?15% of your income.