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

If you find yourself unable to make student loan payments in Wisconsin, you generally have several options available. The first option is to contact your loan servicer and explain the situation. Many loan servicers are willing to work out a payment plan or modified payment plan that is more manageable. This could include sending reduced payments to the loan servicer over an extended period of time or temporarily halting payments for a few months and then resuming payments afterward. In addition, you may be eligible for forbearance or deferment. Forbearance may reduce or suspend your payments for a period of time due to financial hardship. Deferment will delay payments for a period of time, and in some cases, interest will not accrue during the deferment period. Finally, you may be eligible for loan forgiveness, cancellation, or discharge. This may allow for a portion or all of the loan to be forgiven or discharged if certain requirements are met. Any time you change your payment plan or look into other options, it is important to document your interactions with your loan servicer in case you need to refer back to them later.

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

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