How to Get Out of Student Loan Delinquency

A man pulling his empty pocket.

Flickr user Peter Gerdes

It’s the stuff of college student nightmares. What do you do if you just do not have the money to make your monthly student loan payments? Missing payments for 270 days will result in loan delinquency, which will only make matters worse.

These two tips will help you tackle your student loan delinquency and keep you from falling further into debt.

Call Your Lender

Whether you’re behind by only one payment, or if you’ve missed multiple payments, the first step is to call your loan lender and ask for help. Whether you are unemployed or dealing with some financial emergencies, they won’t know if you don’t call. Lending agencies have been through this before and are in the best position to offer you solutions that will help you get out of student delinquency.

Request a Forbearance

If you’ve fallen behind by several payments, request loan forbearance. It may be best to call your lender first so they can walk you through the process, but you may be able to apply online as well. Forbearance allows you some time to get extra money together to begin paying down your debt.

Once you get back on track financially, try to keep it that way. Defaulting on student loans is one of the fastest ways to ruin your credit, which will make it even more difficult for you to get loans in the future.

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