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

If you cannot make your student loan payments in North Carolina, there are several options available to you. One option is to contact your lender/servicer to talk about your options. Once you discuss your situation with your lender/servicer, you may be able to modify your payments or find a temporary solution. However, if you are unable to make a payment, your loan is considered delinquent and will be reported to credit bureaus. This can cause your credit score to drop and you may be subject to late fees. In addition, you can apply for a deferment or forbearance. With a deferment, you can temporarily postpone your payments due to certain qualifying reasons, such as serving in an active duty military role or because of economic hardship. With a forbearance, your lender/servicer allows you to reduce or pause payments for a short period of time. Finally, if you are unable to make your student loan payments, you may consider loan consolidation or loan forgiveness. With loan consolidation, you can combine multiple student loans into one loan with a lower monthly payment. With loan forgiveness, you may be eligible for some or all of your loan to be forgiven if you meet certain conditions such as working in public service or teaching. No matter what option you choose, be sure to talk with your lender/servicer and research all available options before making a decision.

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

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