What If You Can't Afford Your New Student Loan Payment?

A student loan bill can become a serious problem when the required payment simply doesn't fit your budget.

This is especially relevant for former SAVE borrowers who may now be seeing very different monthly payment amounts.

An Unaffordable Payment Shouldn't Be Ignored

Missing one payment and defaulting are not the same thing.

But repeated missed payments can eventually turn a repayment problem into delinquency and potentially default.

The better question is whether another eligible repayment arrangement could better reflect your current circumstances.

Why Did the Payment Change?

The answer may involve several factors.

Your previous repayment plan may have ended. Your income information may have changed. Your loans may now be under a different repayment structure.

Identifying the reason behind the payment is an important part of understanding what alternatives might exist.

There May Be Other Options

Depending on eligibility, borrowers may have access to income-driven repayment, fixed repayment structures, or temporary options for certain financial circumstances.

Smart Loan Aid helps borrowers evaluate the bigger picture instead of simply accepting that an unexpectedly high payment is their only possibility.

Is Your New Payment Too High?

Contact Smart Loan Aid to speak with a student loan advisor about repayment options that may be available based on your federal loans and financial circumstances.