What happens if I can't make my student loan payments?

If you are unable to make your student loan payments in California, you should contact your loan servicer to discuss repayment options. Depending on your loan type and financial situation, you may be able to qualify for different payment plans. These plans can reduce the amount of your monthly payments and can even postpone them for a certain period of time. If you are unable to make payments on your loan, or if your loan has gone into default, you may still have options available. Federal loan borrowers may qualify to have their loan reinstated through a process called rehabilitation. This process involves setting up a payment plan that you can afford and making nine consecutive on-time payments. After completing rehabilitation, your loan will no longer be in default, and the default will be removed from your credit report. Additionally, depending on your loan type and federal loan status, you may be eligible for loan forgiveness after a certain period of time. If you qualify for a loan forgiveness program, you may be able to have some or all of your loan balance forgiven. Finally, if none of these options are available to you, you may be able to settle the debt for a lower amount. Contact your loan servicer or a knowledgeable debt attorney to discuss settlement options.

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What happens if I can't make my student loan payments?

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