Who should you contact if you have trouble making payments once you leave school?
a. Your loan servicer when it’s time to enroll in a repayment plan.
b. Your loan servicer if you have questions about repayment plans.
c. Your school’s financial aid office if you’ve already accepted or received more loan money than you need
d. Your loan servicer if you have trouble making payments once you leave school.
Answer: If you’re struggling to make student loan payments after leaving school, the correct contact is:
d. Your loan servicer if you have trouble making payments once you leave school.
Why is your loan servicer the right contact?
Your loan servicer is the company assigned by the U.S. Department of Education (or private lender) to handle billing and repayment assistance. They can help you with:
✅ Adjusting Your Repayment Plan: If you’re struggling, they can help switch you to an income-driven repayment (IDR) plan, which bases your payments on your income and family size (Source: Federal Student Aid).
✅ Applying for Deferment or Forbearance: If you qualify, you may temporarily pause payments without going into default (Source: Consumer Financial Protection Bureau).
✅ Loan Consolidation or Refinancing: They can help you consolidate federal loans or provide guidance on refinancing options for private loans.
Why not contact your school’s financial aid office?
While your school’s financial aid office helps students understand loans before graduation, it does not manage repayment or payment difficulties after you leave.
Avoiding Loan Default
If you miss multiple payments, your loan could go into default, leading to wage garnishment and damage to your credit. Contacting your loan servicer early can prevent this.
Key Resources:
- Find your loan servicer: Federal Student Aid
- Learn about deferment/forbearance: CFPB
- Compare repayment options: Studentaid.gov
By reaching out to your loan servicer proactively, you can explore options to keep your student loan payments manageable and avoid financial hardship.
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