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What happens if I don’t make my student loan payment? REMEMBER: You must repay a student loan even if your financial circumstances become difficult. What should I do if I’m having trouble making my loan payment?Paying a little extra each month can reduce the interest you pay and reduce your total cost of your loan over time.If you want to ensure that your loan is paid off faster, tell your loan servicer that the extra you pay is not intended to be put toward future payments.
In addition, legal action can be taken to require payment through garnishment of wages and withholding of tax refunds.
Keep in mind that your loan may have a grace period.
The grace period is a set period of time after you graduate, leave school, or drop below half-time enrollment before you must begin repayment on your loan. Department of Education (ED) uses several loan servicers to handle the billing and other services on loans for the William D.
See your school’s financial aid office for further information.
You are generally required to repay your student loan.
In certain situations, your loan may be forgiven, canceled, or discharged.