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Unlike federal student loans, there is a statute of limitations on the collection of private student debt. For borrowers contacted by a debt collector about very old debt generally debt you have not made any payments toward for two years or longer, depending on your state , you may be able to challenge a lawsuit from a debt collector on these grounds.

In some states, a partial payment on an old account may restart the time period during which you can be sued. Learn more about your rights here. Call your private non-federal loan servicer and ask what options are available to you. Most of the big lenders say that they have alternate payment programs for borrowers who might not be able to make a full payment. You can often find out about these options on your servicer's website.

If you can afford to make partial payments, you may want to ask about graduated repayment or extended repayment. Not all private non-federal loan servicers offer these programs, but some do. Remember, both of these programs increase the total amount you pay in interest over the life of the loan, often substantially. If you can't afford to pay at all, some of the most popular programs for temporarily stopping your payments are deferment and forbearance.

Unlike federal student loans, your private non-federal loans don't have a common set of consumer protections when it comes to deferment and forbearance. The content on this page provides general consumer information. It is not legal advice or regulatory guidance. The CFPB updates this information periodically.

This information may include links or references to third-party resources or content. We do not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs. Know your options This tool provides information and advice for optimizing how you pay off your student loans based on some basic information about your situation. Get started by answering a few questions below. Are your student loans federal or private non-federal , or a mixture of both?

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Federal loans Federal student loans are loans made or guaranteed by the Department of Education. Private loans Private or non-federal student loans are any other type of student loans. Both Many student loan borrowers have both private and federal student loans. Additional information Missing payments on your federal or private student loans can hurt your credit rating and your financial future. Yes No Not sure.

Additional information If you have gone more than 9 months days without making a payment on your federal student loans, you may be in default. I am ABLE to make any payments on my defaulted federal loan. Additional information When you default on a federal student loan, you lose eligibility to receive additional federal student aid.

I DO plan to go back to school. I do NOT plan to go back to school.

Payment plans based on your income

I DO want to get another type of credit. I do NOT want to get another type of credit. I CAN afford to pay off my defaulted federal loans. I AM confident I can make my monthly payments.

I am NOT confident I can make my monthly payments. I AM an active duty servicemember. I am NOT an active duty servicemember. Payment plans based on your income Most borrowers with federal student loans can choose to set their monthly payment based on how much money they make. Get started Get started by enrolling online at StudentLoans. You can always pay more if you can and want to pay down your loan faster; Depending on your salary and amount of debt, you may qualify to have any remaining balance erased after either 20 or 25 years of payments, depending on your plan; and If you work in public service, you may be eligible for loan forgiveness after 10 years of on-time monthly payments.

It can be a sign of a scam when a "debt relief" company requires you to pay a fee up-front or tries to make you sign a contract on the spot. Avoid companies that require payment before they actually do anything, especially if they try to get your credit card number or bank account information.

Not only is free assistance available through your student loan servicer, many times taking payment for debt relief services before providing help is illegal. Here's some helpful advice to keep you on track: Pay down your most expensive debt more quickly.

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Expand Collapse If your budget allows for it and you have already set aside some funds for emergencies, then you could consider making a payment for more than what is required. When paying more than your regular monthly payment, provide instructions. If you direct any extra money to your highest interest rate loan first, you may save hundreds of dollars or more in extra interest payments and you may be able to get out of debt faster. This could make repaying your debt more expensive than it needs to be.

Consider using these sample instructions. Helpful servicers will generally accommodate your request. Paying more than you owe You can copy and paste this text. Please apply payments as follows: Thank you for your cooperation. Find out about consolidating or refinancing your private loans at a lower interest rate.

Expand Collapse By releasing your co-signer, you will be removing your co-signer from their obligation to repay your loan. Ask for more information. If your lender offers co-signer release, you will want to ask about this benefit and remove your co-signer as soon as you are eligible. Many student loan servicers do not tell you when you are eligible to have your co-signer released, so you need to ask them directly how to do this.

Release your co-signer You can copy and paste this text. If you determine that I am not eligible to have my co-signer released from my l oans, please provide an explanation, including the following: What is your current co-signer release policy? For what reason s am I ineligible for co-signer release? If I am not eligible for co-signer release now, when will I become eligible? What steps do I need to take to qualify for co-signer release?

Reach out to your loan servicer You may have options to lower your monthly payment. These plans may include: Helpful advice Consider downloading our sample financial worksheet to help you determine the maximum amount of money you can put toward student loans. Be wary of options that postpone your monthly payment. When you put off making payments by signing up for forbearance or deferment , interest will still continue to accrue.

You should also watch out for fees when enrolling in forbearance programs. These instructions may help you get valuable information on repayment options to reduce your monthly payment or to temporarily postpone making payments. Sample letter Sample letter. Request to reduce montly loan payment You can copy and paste this text. If you determine that you are unwilling to provide a reduced payment plan, please provide the following information: What available reduced payment options do you offer other than forbearance?

For what reason s am I ineligible for these repayment programs? If I am not eligible for these repayment programs, when will I become eligible? What steps do I need to take to qualify for these repayment programs? Do you anticipate modifying these repayment programs in the future? Where on your website can I find additional information on these alternative repayment programs? I hope we will be able to agree upon an acceptable repayment plan. Keep in mind Some student loan companies have told us that they may ask for recent pay stubs or a bank statement to verify income and expenses.

Getting out of default when you face debt collection Dealing with a defaulted loan and debt collectors can be stressful. Key differences between private and federal student loan debt For borrowers in default, it is important to remember that there are major differences between federal and private student loans. A debt collector trying to collect payments on a private student loan generally may not: Garnish your wages without a court order; Intercept your federal or state tax refund; Garnish your Social Security or Social Security disability payments; or Prevent you from receiving federal student aid to go back to school in the future.

Communicating with collectors The first step to moving forward and getting out of default is clearly communicating with debt collectors.

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Ask for more information about the debt If you do not immediately recognize the debt a collector has identified or if you want to find out more about the debt before you pay it, you may use this sample letter text to request more information. Sample text You can copy and paste this text. Please supply the information below so that I can be fully informed: Why you think I owe the debt and to whom I owe it, including: The name and address of the creditor to whom the debt is currently owed, the account number used by that creditor, and the amount owed.

If this debt started with a different creditor, provide the name and address of the original creditor, the account number used by that creditor, and the amount owed to that creditor at the time it was transferred. When you identify the original creditor, please provide any other name by which I might know them, if that is different from the official name.

In addition, tell me when the current creditor obtained the debt and who the current creditor obtained it from. Provide verification and documentation that there is a valid basis for claiming that I am required to pay the debt to the current creditor. For example, can you provide a copy of the written agreement that created my original requirement to pay? If you are asking that I pay a debt that somebody else is or was required to pay, identify that person.

Provide verification and documentation about why this is a debt that I am required to pay. The amount and age of the debt, including: A copy of the last billing statement sent to me by the original creditor. State the amount of the debt when you obtained it, and when that was. If there have been any additional interest, fees or charges added since the last billing statement from the original creditor, provide an itemization showing the dates and amount of each added amount.

In addition, explain how the added interest, fees or other charges are expressly authorized by the agreement creating the debt or are permitted by law. If there have been any payments or other reductions since the last billing statement from the original creditor, provide an itemization showing the dates and amount of each of them. If there have been any other changes or adjustments since the last billing statement from the original creditor, please provide full verification and documentation of the amount you are trying to collect.

Explain how that amount was calculated. In addition, explain how the other changes or adjustments are expressly authorized by the agreement creating the debt or permitted by law. Tell me when the creditor claims this debt became due and when it became delinquent. Identify the date of the last payment made on this account.

Skip to main content. Part of Get undergraduate student finance: Overview You may be able to borrow money to help pay for university or college tuition fees and to help with living costs. Check if you're eligible. Find out how much loan you could get. Find out the maximum tuition fee and maintenance loan you could get if you're a: Use the student finance calculator to estimate your maintenance loan You'll have to pay back any loan you get.

Find out how much you'll repay Find out when you'll start repaying.

Repay student debt

You might be able to get extra money if you: Find out about extra help. Check when you can apply Check what ID you'll need Check if you need to give proof of your household income.



Apply online You'll need to create a student finance account if you're a new student or sign into an existing account if you're a returning student. Update your details if your circumstances change. For example if you: Log in to your student finance account and apply online. Download an application pack - use the form finder to get the forms you need. Find out the maximum tuition fee and maintenance loan you could get if you're a:. How much maintenance loan you get depends on where you'll study and your household income. You might also be able to get other financial help, for example from your university or the government.

You'll need to create a student finance account if you're a new student or sign into an existing account if you're a returning student. It can take up to 6 weeks to process your application. You might have to provide extra evidence. You must update your application if your circumstances change.

For example if you:. After you register at your university or college you'll usually get your maintenance loan paid directly into your bank account at the start of each term. You'll need to reapply for student finance for each year of your course. You must keep your details up to date throughout your course because some changes can affect your loan payments, for example if your household income or bank details change. To help us improve GOV. It will take only 2 minutes to fill in.