life can bring situations that impactyour ability to pay and manage your private student loan. here's what you cando with your facing challenges: first some definitions: delinquency is when you fail to make a payment on time. missing even one payment can make yourloan delinquency. deferment is when you temporarily postpone or reduce paymentsfor a specific reason like going back to school or participating in an internship orresidency program. forbearance is the period when payments are temporarilypostponed under certain circumstances such as financial hardship. default isthe most severe situation. it means you failed to repay your loan. so what canyou do? take action.
reach out your co-signer or anotherperson. they may be willing to help you. then contact yourr servicers as soon aspossible to learn about available options. for instance, you may be able to changeyour payment due date. this could let you pay when you know you have money in yourbank account. you can also ask about payment plans. depending on your loanstatus in your financial situation, you may be able to adjust your monthlypayment amount so it's more affordable. you may also consider checking with yourservicer to see if you may qualify for postponing your payment through deferment or forbearance. whatever you do, avoid defaulting on your loan. it can
have serious consequences. one potentialconsequence of default is being required to immediately pay back the full loanamount instead of just the monthly payments. inaddition, your default may be reported to the consumer reporting agencies andstay on your credit report for up to seven years. if you're experiencing a difficultsituation, let your servicer know as soon as possible. they're committed to working with you tohelp you get back on track. salliemae.com has tips andinformation to make paying your loans easier.
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