Before & After Graduation - Avoid Default
If you miss making a payment on your loan, your loan is delinquent. A delinquent loan is when a loan payment has not been received.
These missing payments will be reported on your credit report and can negatively affect your borrowing ability. This could begin a downward spiral that may be hard to overcome.
If repayment becomes challenging, ask for help. Contact your servicers for assistance such as changing the repayment plan or just the due date. You can also request a deferment or forbearance which can allow you just a little more time to get back on track. There are many steps to take to avoid defaulting on a loan.
DO NOT DEFAULT on your loan.
On occasion, as a borrower, you might feel your servicer isn’t as helpful or may have made an error in regards to the loan. If you find yourself in a disagreement with your servicer and need outside assistance, there is helpful information available. Be sure to keep great records for yourself to make things easier.
If you are still struggling for a resolution, you can look to the Federal Student Aid Ombudsman Group. This group is dedicated to serve as a neutral party to help resolve any disputes.
