If you have trouble making payments once you leave school, the first and most important contact should be your loan servicer. The loan servicer is the company that manages your student loan billing and repayment services. They can help you understand your repayment options, discuss income-driven repayment plans, and assist with deferment or forbearance if you need to temporarily reduce or pause payments
. Here are key steps and contacts to consider:
- Contact your loan servicer: They handle billing and repayment plans and can work with you to find a manageable payment option or deferment if you face financial difficulty
- For UK student loans: Contact the Student Loans Company (SLC) if you have trouble repaying or need to update your details, especially if you move abroad or your income changes
- For U.S. federal student loans: Use the Federal Student Aid website to identify your loan servicer and manage your loans. If you struggle to pay, contact your servicer immediately to explore repayment plans or deferment options
- Keep your contact information updated: This ensures you receive important communications and avoid accumulating arrears or penalties
In summary, promptly reaching out to your loan servicer or the relevant student loan company is crucial to managing repayment difficulties effectively and avoiding default or additional fees
