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

If you are unable to make your student loan payments in Virginia, it is important to contact your loan servicer as soon as possible and explain your situation. Your servicer may be able to provide certain options to temporarily suspend or reduce your payments for a specific period of time. If you are unable to reach an agreement with them, you may be offered alternative solutions including forbearance and deferment. Forbearance allows you to temporarily suspend or reduce loan payments. The servicer may even be willing to extend the term of the loan or forgive some of the interest accrued. However, interest will still accrue during this time. Deferment is another option which allows you to temporarily postpone payments. When you apply for deferment, your loan servicer will consider your financial situation and determine if you qualify for deferment. During the deferment period, you may not be required to make payments, but you will still be charged interest. If you are unable to make payments, it is important to contact your servicer to discuss your options. They may be able to provide a solution that works best for your situation. Failure to make payments can have serious financial consequences, so it is important to stay in contact with your servicer and make payments when possible.

Related FAQs

Are there any restrictions on how long I can have a student loan?
How do I find out if I am eligible for student loan deferment?
Can I discharge my student loan debt in bankruptcy?
How do I consolidate my student loans?
Are there any federal grants available to help cover educational costs?
How long does it take to get approved for a student loan?
Are private student loans eligible for the same repayment advantages as federal student loans?
Are there any special programs to help those with loans from foreign universities?
Are there any special programs for students in certain professions?
Are there any tax credits or deductions for student loan payments?

Related Blog Posts

Understanding the Basics of Student Loan Law - July 31, 2023
What You Need To Know About the Student Loan Forgiveness Program - August 7, 2023
How To Navigate Private Student Loan Repayment Plans - August 14, 2023
Exploring the Pros & Cons of Student Loan Consolidation - August 21, 2023
What To Do When You Can’t Afford Your Student Loan Payments - August 28, 2023