What to do if You Have Trouble Repaying

If you’re struggling with your loan payments, don’t skip a payment. Doing so may disqualify you from other loan repayment options. You also will risk going into default, which can make repayment even more difficult.

If you’re really worried about your ability to repay your loans, contact your lender or servicer right away. You can almost always change your repayment plan by extending the term to up to 25 years.

A new repayment plan will probably result in more interest paid over the life of your loan. That additional cost, however, is small compared to the consequences of default. If a new plan simply won’t be enough, see if you qualify for deferment or forbearance.

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