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Latest from FSA: Help Borrowers Stay On Top of Payments

August 1, 2014

Many borrowers go through difficult financial times, but federal student loans offer many flexible repayment options. Students who do not utilize these repayment options and ignore their loans during hectic times are more likely to default. Defaulting on a federal loan has serious consequences:

  • Borrowers’ credit scores will suffer
  • Their loans may be placed with a collection agency
  • Their paychecks or federal income tax refunds could be withheld

If borrowers are struggling to make their student loan payments, they should immediately contact their loan servicer and consider these options:

  • Switch repayment plans
  • Ask for a deferment or forbearance
  • Consolidate loans

Read the full article from the Department of Education here: http://www.ed.gov/blog/2014/05/dont-fall-behind-on-your-student-loan-payments/.

 

Megan Freese, Communications Intern

Megan Freese, Communications Intern

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