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

If you are unable to make your student loan payments, it is important to contact your lender as soon as possible. Depending on the type of loan and the lender, they may be able to offer different options to help you manage your payments. These options may include consolidating your loans, extending the time you have to repay the loan, and even refinancing the loan at a lower interest rate. In some cases, the lender may also be able to offer a deferment or forbearance. A deferment allows you to temporarily stop making payments on your loan for a certain period of time due to certain life events. A forbearance allows you to reduce or suspend payments for a period of time due to financial hardship. You should also be aware of Pennsylvania laws that may protect your student loan payments. For example, Pennsylvania law prohibits lenders from garnishing wages or threatening legal action if a borrower defaults on their loan. The law also gives student loan borrowers the right to enter into repayment plans with their lenders. Finally, it is important to remember that you can always reach out to your loan servicer for more information about your options. They may be able to provide you with additional resources and information to help you manage your loan payments.

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

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