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.

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

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